Apple Inc. (AAPL) Facing Competition In Mobile Payment Industry With The Entry Of Android Pay

Apple (AAPL)

Apple Inc. (NASDAQ:AAPL)’s new mobile payment system is cautious about the imminent threat from its biggest rival, Android. According to the latest news, a new Android payment system is on its way to enter the market next year.

China Business News earlier reported Android Pay, new mobile payment system, based upon Android platform with expected launch in the third quarter of 2015.  China UnionPay, largest credit and debit card issuer in the country, is behind the development of Android Pay. The payment system is likely to gather more support that Apple Inc. (NASDAQ:AAPL)’s Apple Pay has at present.

At the same time, China UnionPay is in touch with the leading smartphone makers including Coolpad and Lenovo to include software support for its payment system. As far as technology is concerned, Android Pay will use Near Field Communication (NFC) technology for wireless transactions. UnionPay is already working in alliance with Apple Inc. (NASDAQ:AAPL) under which, Chinese Apple consumers can use UnionPay credit cards on App store.

Apple (AAPL)

Earlier, Apple Inc. touched the $700 billion market capitalization mark for the first time on Tuesday. The shares of iPhone maker traded as high as $119.75 and it is an excellent news for the current CEO, Tim Cook, as the market capitalization has doubled after he took over the CEO’s post from legendary Steve Jobs. It has been an upward rally for the iPhone maker right from its latest launch of iPhone 6, as the company’s shares have jumped nearly 21% since then.

Analysts have released extraordinary iPhone sales prediction for the current holiday quarter and these sales are likely to push the stock even higher. Apple Inc. (NASDAQ:AAPL) is expected to sell up t0 71.5 million iPhone devices in the current quarter. Not only this, the company is ready with special offers for its customers including free iTunes gift card.

This article has been written by Prakash Pandey.

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