Apple says it is 'working rapidly' to have Apple Pay 'in every significant market' as the mobile payments solution expanded in Singapore, reports TechCrunch. Apple VP Jennifer Bailey spoke to the site this week about the company's plans.
Apple has already announced plans to expand the service to Hong Kong but has yet to reveal which market will be next. Apple Pay is currently live in the U.S., Canada, the UK, Australia, Singapore and China.
“We’re working rapidly in Asia and also in Europe, our goal is to have Apple Pay in every significant market Apple is in,” Bailey told the site.
There have been rumors that France, Brazil and possibly India would be next.
“We have announced Hong Kong [and], across the [Asia Pacific] region, we’re talking to many partners and banks and evaluating how quickly we can bring Apple Pay to new markets,” Bailey said.
Here's some of the things Apple considers when assessing expansions.
“First, we look at the size of the market for Apple products,” says Bailey. “We also look at credit and debit card penetration, and [existing] contactless payment coverage. [But] when we bring Apple Pay to market even when contactless is low it will grow — it was 4 percent in the U.S. but is now 20 percent. We also work with our network partners, where we can utilize integration with Amex and Visa, to go to market quickly.”
Apple Pay reached three million provisions inside its first three days in China and is adding about one million new users per week worldwide.
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Apple has already announced plans to expand the service to Hong Kong but has yet to reveal which market will be next. Apple Pay is currently live in the U.S., Canada, the UK, Australia, Singapore and China.
“We’re working rapidly in Asia and also in Europe, our goal is to have Apple Pay in every significant market Apple is in,” Bailey told the site.
There have been rumors that France, Brazil and possibly India would be next.
“We have announced Hong Kong [and], across the [Asia Pacific] region, we’re talking to many partners and banks and evaluating how quickly we can bring Apple Pay to new markets,” Bailey said.
Here's some of the things Apple considers when assessing expansions.
“First, we look at the size of the market for Apple products,” says Bailey. “We also look at credit and debit card penetration, and [existing] contactless payment coverage. [But] when we bring Apple Pay to market even when contactless is low it will grow — it was 4 percent in the U.S. but is now 20 percent. We also work with our network partners, where we can utilize integration with Amex and Visa, to go to market quickly.”
Apple Pay reached three million provisions inside its first three days in China and is adding about one million new users per week worldwide.
Read More