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Setback for Apple Inc. (AAPL)’s Apple Pay In China

Buoyed by a 70% growth of earnings in China last year, Apple Inc. (NASDAQ:AAPL) is trying to expand its presence in the country, now on the service delivery front. Apple Pay is the product that the Cupertino-based company hopes will go a long way in affirming its position in Asia’s largest marketplace. However, the company has suffered a setback in its pre-planned unveiling after an update to its operating system failed to support bank cards that support the service in the country.

Apple, is AAPL a good stock to buy, Apple Watch, NASDAQ:AAPL, Jon Fortt, demand,

IPhone 6 enthusiast in the country will have to wait a little bit longer before Apple Inc. (NASDAQ:AAPL) irons out issues related to its latest update on iOS 8.3, which failed to support cards from UnionPay. The only institution allowed handling interbank payments in the country. However sources close to the ongoing negotiations between Apple and UnionPay affirm that no deal has been reached on how Apple Pay will operate in China.

Apple Inc. (NASDAQ:AAPL) had hoped that by March, Apple Pay would be ready for use, having sent versions of the new operating software in February and given assurances that it would support UnionPay network. People close to the talks say Apple is struggling to build its case with UnionPay as relationship turns sour. The setback seems to have affected Apple’s ability to make deals with local banks for facilitating transactions.

Discussions with eight major banks in the country did not pan out well last year, further arousing concerns whether Apple Pay will ever come to fruition in the country. Apple Inc. (NASDAQ:AAPL) had experienced similar resentment while launching in the U.S with only five member banks agreeing from the start to support the service.

Talks with China banks are believed to have stalled because of issues related to profit sharing as Apple Pay walks with 0.15% of the 2% transaction fees charged for each credit card payment in the US. Chinese banks are believed to have argued that the proposed fees were too steep, which would affect their profit margins in an already matured point of sale network. Apple Inc. (NASDAQ:AAPL) is also struggling to unveil Apple Pay in Britain.

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