Last time I was in china was about 5 years ago. Everyone seemed to have Android phones, or flip-phones. It seems that the iPhone has really taken off in China as the emerging middle class has more excess income to spend.
On mainland China, I had a difficult time finding people that would even take my credit card. Cash was king.
Hong Kong, on the other hand, allowed me to use my subway pass (Octopus card) to purchase nearly everything.
According to the Wall Street Journal, Apple Pay will now come to china in early February 2016. The deal was made with the main four state banks. This should allow some of their terminals to accept payment from NFC enabled iPhones.
The deal is not written in stone just yet. There still needs to be regulatory approval. Apple hopes to launch before China’s holidays begin in the Spring.
It is said that Apple does take a cut from all transactions made with Apple Pay. With this new revenue likely from next year’s deal, I’d say it’s a good time to buy apple stock.
Let’s hope that Apple Pay is ready for Single’s Day next year!