Early this morning, Apply announced that Apple Pay is now available in Canada. People can pay for the items by simply taping their phones. Through this app, consumers can pay 85% of the payments, in about 35,000 stores including London drugs and Indigo Bookstores, in Canada.
You may ask how potential this virtual payment market it is?
At November 11th this year, it was Chinese single day which is the world’s biggest sales event. At this day, consumers spent $14.3bn at an online store named T-mall within 12 hours. All these payments are made through the payment app called Alipay Which is a virtual payment app owned by Alibaba. However, applications like Alipay and paypal all have their “geographic and culture restrictions”, for example, although Alipay can be used in many countries, the user of Alipay are almost Chinese. This phenomenon can indicate that these virtual payment applications needs a premise. Fortunately, since iPhones are now using all over the world, the restriction is weakening for Apple Pay. Above all, I see a huge potential exists in virtual payment market for Apple Pay.
However, the absolute advantages of Alipay and PayPal are distinct. How to corporate with the local banks and advertise this application is a big challenge for Apple.
Work Cited
http://www.cbc.ca/news/technology/apple-pay-canada-1.3322433
http://www.bbc.com/news/business-34803074
