Apple Pay Closes Year with Extra Bank Support in China, US

Having made a pioneering entry into the China market close to the start of 2016, Apple Pay is closing out the year with new bank support in the country. Fourteen new China-based financial services supporters have been announced, from ChengDu Rural Commercial Bank to HSBC.Apple Pay Closes Year with Extra Bank Support in China, US

Apple Pay made its start in the country this past February amid speculation that it was going to have a tough go, given the saturation of other mPayment options already present in the country. It quickly defied such expectations, becoming a highly popular mobile payment option. The addition of its newest domestic supporter banks suggests continuing growth for the platform.

Meanwhile, 30 new banks and credit unions have offered their support to Apple Pay, as well, including the likes of America’s First Federal Credit Union, Congressional Bank, and Tennessee State Bank. While every little bit helps, Apple Pay already has a strong roster of supporters in the US, with critics more often focusing on its lack of support among merchants. Seemingly seeking to counter such criticisms, Apple Pay head Jennifer Bailey recently asserted at a tech conference that the service’s support has grown from four percent of US retailers to 35 percent over the last two years, and that further growth is in store for 2017.

Source: 9to5Mac