“Alibaba CEO Jack Ma created a stir at a technology conference Monday night when he expressed interest in partnering with Apple on its new payments system, Apple Pay,” John Mason reports for TheStreet. “Alibaba — the Chinese Internet giant that recently went public in the U.S. — has its own payments system, Alipay, with some 300 million users. Apple just entered the payments market a week ago. Tying Apple Pay with Alibaba would create a massive new electronic payments system that could transform the fledgling industry.”
“Apple CEO Tim Cook, who was also at the conference, said he would talk with Ma soon about joining forces. Cook also announced that more than one million credit cards were activated with Apple Pay within the first 72 hours the service was open to the public,” Mason reports. “The important part of Cook’s announcement is that the response to Apple Pay seemed to be overwhelming. That’s what is needed to spur the latest technology onwards.”
WalMart’s competitive system does not stand an chance if these two get together.