For any kind of mobile payment carrier, the Chinese market is a fulcrum that can shake the earth — because the market is huge, and the growth rate is amazing. But compared with the initial fanfare, Apple Pay now is hardly remembered. Based on the confidentiality agreements signed between banks and Apple, it is difficult for us to understand from the official level how many users, transactions, and transaction amounts of Apple Pay have come to China for a year and a half. However, the reporter learned from a large stock company and state-owned retail banking business executives that the conditions of the two banks are “not so optimisticâ€.
The proportion of card users registering for Apple Pay accounts for no more than 4% and 2% respectively, and the number of card users is more than 3 million and more than 1 million respectively. Moreover, according to a few bankers, the proportion of 4% is considered to be higher in the industry, and many banks are also between 1% and 2%.
I believe these arguments will not be too far from the actual situation. From this point of view, to a certain extent, Apple Pay has initially announced a renunciation in the vast Chinese market.
Then, the problem followed. why? Of course, the reason is not that iPhone shipments are low. Although IDC data does show that iPhone shipments in China fell by 23% in 2016, it is being squeezed out by Huawei and other domestic smart machine brands.
In a professional attitude, when we talk about a “payâ€, we are not talking about a payment method, but an account that carries a commercial scenario. This is not just for Apple Pay. It is the same for other mobile phones.
Let's look at a passive squeeze factor: the opponent is too strong. In the fourth quarter of last year, China’s third-party mobile payment market transaction volume reached 12.82 trillion yuan, a 41.72% increase from the previous quarter. Among them, relying on the strong entry-effect (social, e-commerce) and the natural advantages of channel viscosity, Alipay and WeChat payment are still in the top two, and the combined market share is larger than before, increasing to 91.12%; Eight of them killed in less than 9% of the market.
The main reason for the unfavorable result of Apple Pay's first battle in China is that there are too few commercial scenarios. Online, other payment carriers have comprehensively (or progressively) built integrated functions such as money-fund purchases, fund insurance and other wealth management sales, shopping discounts, travel, housekeeping, movie tickets, lottery tickets, water and electricity coal payment, and transfer, and Apple Pay even Cannot support personal transfer.
Online, Apple Pay acceptance of the network is subject to multiple factors such as supervision, the industrial environment, the acceptance of merchants, and so on, far less than Chinese local players. To reduce the fee for merchants and merchants' consumption discounts (this needs to be coordinated with the issuing bank), for example, Apple Pay's efforts are not in the same order of magnitude as Alipay and WeChat. In addition, Apple Pay's acceptance terminal is a specific NFC (Near Field Payment) machine. Usually, merchants will be equipped with ordinary POS machines and scanning guns, but they will not necessarily be equipped with (or upgraded) the reception desks needed by Apple Pay. For merchants to upgrade the terminal, the corresponding subsidies are not in place, and it is very difficult for merchants to have the incentive to do so.
In summary, a payment instrument that does not have an entry point of its own, lacks a commercial scenario that is attractive enough for users, and loses in the face of a comprehensive payment account with a strong imagination, strong execution power, and a well-developed business foundation in the Chinese home market. It is not unexpected. Therefore, Apple Pay's cardholders only have two or three percentage points of the total number of card holders.
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