After firmly establishing itself as a major payment service provider in the Singapore and 5 other countries, Apple is now eying expansion into other, international markets as well. As per a latest report, the company is looking toward providing the Apple Pay services everywhere within the range of its devices — which is to say virtually everywhere.
The news comes from Jennifer Bailey, Apple Pay Vice president, who in an interview with TechCrunch said that Apple is very keen to establish Pay in areas apart from the six countries where it’s currently available. The six countries in question being Singapore, United States, Canada, the United Kingdom, Australia and China.
Singapore is in fact, among Pay’s latest successes and the service now supports five major banks covering more than 80 percent of the payment cards there. That is impressively fast, particularly when you consider that the service was launched just last month.
Well now the company is eying other countries as well, and towards that, has begun exploring partnerships with banks. Apple Pay is available via 2,500 bank locations in the U.S. In China, the service is currently available via 19 banks.
In Asia, HongKong and India are perhaps the strongest contenders. While the former with it’s bustling businesses and the relatively large number of people using Apple devices would be an obvious choice, you can bet that the latter, with it’s massive and growing population that is only just coming to terms with plastics is not far down on the list. Indeed, both Bailey and Tim Cook have mentioned India in this context before.
South America — particularly Brazil — and Europe, specially France, are being said to be among the other top choices for Pay’s launch.
Speaking upon how the company chooses it’s launch locations for the payment service, Bailey said
First, we look at the size of the market for Apple products. We also look at credit and debit card penetration, and [existing] contactless payment coverage.
She also said that, low penetration wasn’t something that could keep them from launching Apple Pay, however.
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
Meanwhile, the service is showing a more than healthy growth and is adding over a million users a week. We will have to wait for an announcement from Apple to confirm if it is coming to India or not. However, iPhones continue to be something that is limited to a very particular set of people and as such, the reach of Apple Pay in the country will also be severely limited — Unless of course, Pay is launched as a standalone service that is also on Android.