Has Alipay now got a real competitor? In their China launch, Apple Pay partnered with most of China’s big banks, and offered promotions (like cashback rewards and discounts) to drive user adoption.
Apple Pay does have a few tricks up its sleeve, though. It has partnered with virtually all of China’s big banks, and some of them are already offering promotions (like cashback rewards and discounts) to try to get users to adopt Apple’s new service. Those promotions are bank-specific, so you’d need to add their card to Apple Pay to take advantage, but it’s better than nothing. Whether it will be enough to tempt loyal users away from Alipay and WeChat is an open question, though.