A payment alliance between Apple and Alibaba’s payments arm Alipay would focus on the Chinese market, a senior Alibaba executive said on Tuesday.
The two parties are currently discussing the specifics of a possible partnership, the Wall Street Journal reported.
“Right now, I think what we can say is that this is focused on the China market for Apple,” Alibaba Executive Vice Chairman Joseph Tsai said. “We are positive about the potential cooperation, but it depends on the details being worked out.”
As Apple Pay expands beyond the US, Alibaba’s financial affiliate could provide back-end services for Apple’s payment system, allowing iPhone users to pay with Apple Pay using the money from their Alipay accounts, Tsai added.
Alibaba founder and Executive Chairman Jack Ma made approving noises about a payments partnership between the two companies last month, but noted that any “marriage” would have to be an equal one.
The two companies are considering working together as Apple is likely to have certain restrictions and limitations on operating payments businesses in China, Tsai said.
Just 31% of Brits know who's on the back of the new £5 polymer banknote, says new research from Barclaycard, which also found that the number of cash users continues to drop as people prefer using more digital methods of payments.
Nine out of ten consumers use their smartphones more than any other device, and consumers would also prefer to use biometrics over PINs - with fingerprints being the preferred method, according to a new Mastercard survey.
It's banks, not government agencies, that the British people trust to deliver biometric authentication payment services, says a new Visa study.
With less than two weeks to go until the US liability shift hits its first anniversary, MasterCard published new data evidencing the positive impact the technology is having on issuing banks, merchants and consumers, as well as saying adoption continues to grow.