What you need to know
- Apple's iOS 14 software will bring support for AliPay.
- That could open up iOS mobile payments to more than a billion users.
- According to figures, AliPay controls a massive portion of payments in mainland China.
Apple's iOS 14 operating system will bring support to AliPay, opening up mobile payments to potentially more than a billion customers.
As reported by 9to5Mac in its iOS 14 leaks:
Another change includes AliPay support for Apple Pay with iOS 14.
AliPay is a mobile and online payment platform and is part of the Alibaba group. It's website boasts a customer base of over a billion users. It's largest userbase is mainland China, however, it also operates in Hong Kong, Japan, Singapore, and South Korea, as well elsewhere in the world.
AliPay also touts its own strong protection of its users, offering services such as full reimbursement for unauthorized and fraudulent transactions, 90-day payment protection and quick responses to customer inquiries. It supports transactions through Visa, Mastercard, Maestro, American Express and more, and claims to operate with more than 65 financial institutions, as well as nearly half a million online and local Chinese businesses.
As Apple Pay continues to grow exponentially, analysts predict that Apple Pay will account for 1-in-10 global transactions by 2025, that's all card transactions, not just contactless. A similar report claims that Apple Pay will also account for 52% of OEM transactions by 2024. The global contactless market is expected to be worth $6 trillion by 2024, as a payment facilitator, Apple will skim off the tiniest slice of every single transaction made through Apple Pay, and you can bet that AliPay support will definitely boost its revenue.