One million credit cards have been activated on Apple Pay in the first three days that the mobile payment came to being.
In fact, the huge Apple launched its proper new mobile wallet one week ago and according to its chief executive Tim Cook, it’s already a “big hit”.
The drawback of the Apple’s new system is the tougher security and the new encryption methods that would hinder investigations for the law enforcement officials, for example. While on the side of the retailers for whom the use of the bank card as means of payment allowed signs and brands to collect easily the useful information relative to their buyers, it also causes confusion. But Tim Cook talked about his desire to protect consumer privacy (which can appear in opposition with his latest revelation concerning his sexuality…)
The Chinese e-commerce giant Alibaba is interested in partnering with Apple on electronic payments; an alliance to which both companies declared themselves favorable during a technology conference in California. A «marriage» which could help both sides; giving Apple new payments system a boost, but also furthering its interest in China and helping Alibaba, freshly traded on the New York Stock Exchange, to expand in North America…
Without too much doubt, the merger of the strengths Apple Pay and Alipay ; with about 300 million active users in Asia, could win the trust of consumers and maybe counter their famous competitor on the market, Pay Pal.
Judith Hassine,IEJ 3F