Apple To Boost Apple Pay To Expand Its Reach In Europe And Asia
Apple Pay has not seen much growth since it was launched in the US about a year ago. But Apple is planning to expand its market reach in 2016 by enabling the contactless payment system in countries of Europe and Asia. Within a few months, the payment system is going to be implemented in the stores of China, Singapore and Spain. For its smooth expansion and integration, Apple is counting on its brand popularity to make Apple Pay alive in the above mentioned countries. Presently its aiming to bring it to all the markets that have Apple phones. Only recently the brand has declared that it is going to extend the service to Hong Kong. However, there is no mention of which country it is targeting next to boost Apple Pay and integrate it in the retail outlets, banks and other purposeful areas.
Currently, Apple Pay works in US, Canada, Australia, UK and China but very soon Apple plans to grab more markets of Asia and Europe. According to sources, it has France and Brazil on its list to boost Apple Pay while the CEO Tim Cook gave hints of India being another name in its expansion list. However, nothing precise could be stated at this moment as Apple refused to comment on its future plans. Anyways, one thing is pretty clear. It is working really hard to establish Apple Pay in the overseas market. The US Tech Giant has said it is on talks with significant partners and banks regarding the integration of Apple Pay into as many markets as possible.
Performance of Apple Pay in US and UK
The digital mobile payment system supported by Apple iOS did not have a good start in US, its home country. There were several logical reasons behind it. First of all, it was not promoted well and secondly, a large number of stores couldn’t adapt to the technology fast. However, growth has set in the UK due to the contribution of big merchants like the Pret A Manger, a popular fast food chain and Twickenham Stadium that allows customers to make transactions with Apple Pay. Moreover, Apple iOS popularity is high in Great Britain with 39.5% smartphone sales last year. Australia stands second with a little more than 35% market share in the sale of Apple smartphones and it is followed by US, China and Spain.
How Tim Cook plans to boost Apple Pay
Apple is planning to expand its reach severely in 2016. Mobile payments is an active phenomena and Apple is trying to take the market by storm. It is heavily relying on its popularity to boost Apple Pay is countries like Hong Kong, Spain and France and according to some sources, it has India on its mind too. Even Tim Cook has gone to the extent of saying that money will soon lose its importance due to the rise of Apple Pay, such confidence he has on the digital payment procedure.
Besides United States, the first country to embrace Apple Pay was UK. Canada and Australia also joined the bandwagon soon after that. And now, Recently this month, CIBC, RBC, ATB declared their full support to boost Apple Pay. Moreover, Scotiabank, TD and BMO accepted that they are going to use Apple Pay soon. In Australia however, people with the American Express cards can use Apple Pay but if their cards are co-branded with banks, they won’t work with the system.
The US Tech giant is working its way into the financial institutions of the world to make Apple Pay the traditional mobile payment system. Very soon, all big stores will support the digital mobile payment and Apple will realize its dream. However it is going to receive hot competition from other mobile payment systems like Samsung Pay and Android Pay in its endeavor to boost Apple Pay and make it the de facto digital payment system in the world. What do you think about it? Do you think Apple really deserves that position? Or you are in favor of the other mobile payments systems. Let us know your opinions on the matter in the comments section provided below. Wish you a marvelous day!