NFC TIMES Exclusive Insight – Apple, which is losing its battle badly for market share in China’s huge mobile payments market, has launched one week of generous promotions in hopes it can begin to turn the tide.
Apple announced that starting Tuesday and until July 24, Chinese consumers using Apple Pay can receive discounts of up to 50% on in-store and online purchases with some major merchants. In addition, nearly 20 banks will offer up to 50 times their usual rewards points.
There are reportedly 28 merchants participating in the in-store discounts, including 7-Eleven convenience stores, Starbucks coffee, Watsons retail pharmacies and Burger King fast-food restaurants; more than 15 online merchants are reportedly taking part, as well. Many of the discounts have caps that limit the amount of savings consumers will see on any one purchase to 50 yuan (US$7.40) or less.