Apple Pay Reaches the One-Year Mark in China. WeChat and Alipay’s Reaction? “Who?”
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Apple Pay Reaches the One-Year Mark in China. WeChat and Alipay’s Reaction? “Who?”

Zhou Tian and Hao Hao
36Kr, 2017
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Editorial Rating

8

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  • Analytical
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Recommendation

As Apple Pay marks its one-year anniversary in China, reporters Zhou Tian and Hao Hao of tech media firm 36Kr set out to investigate Apple Pay’s reach in the market. In a nutshell, Apple Pay is failing. Zhou and Hao provide an analysis of Apple Pay’s mishaps in China, comparing Apple’s strategy with that of domestic competitors. One point that the article doesn't mention: Apple has ceded market share to local smartphone companies in recent years; only iPhone owners can use Apple Pay, while other mobile payment systems work on any smartphone. As Chinese competitors Alipay and WeChat Wallet expand into other countries (including the United States), Apple Pay will soon face challenges on its home turf as well as abroad. getAbstract recommends this article to entrepreneurs, bankers, people in the tech industry and businesspeople with interests in the Chinese market. 

Summary

Apple entered the Chinese mobile payment market on February 18, 2016, with high hopes. But with China’s domestic mobile payment services Alipay and WeChat Wallet dominating the scene, Apple Pay is struggling to gain ground. Meanwhile, WeChat Wallet and Alipay have excess reserves of ¥160 billion ($23.5 billion) and ¥150 billion, respectively.

In Beijing’s Zhongguancun District – China’s Silicon Valley – shop and restaurant owners rarely accept Apple Pay and barely even recognize it. Even in places where Apple Pay is available, vendors often don’t display Apple Pay signs nor do they train employees at the cash register how to use the system. 

Apple Pay has done little to put itself on the radars of consumers and merchants...

About the Authors

Zhou Tian and Hao Hao are staff writers for 36Kr, a leading tech media website in China that provides reports on businesses and startups. 

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