A payment alliance between Chinese e-commerce giant Alibaba and Apple Inc. for financial-services is under way which will focus on the Chinese market, a senior executive of Alibaba Group Holding Ltd. disclosed on Tuesday. The two companies are currently negotiating a possible partnership.
Joseph Tsai Alibaba’s Executive Vice Chairman in an interview said that “Right now, I think what we can say is that this is focused on the China market for Apple”.
He further said that Alibaba is positive about the potential cooperation, but the details are still being worked out.
Alibaba is currently the owner of Alipay electronic-payment business in China and the company may provide financial affiliate solution to Apple.The company may offer customers to buy Apple products using Alipay accounts, Mr. Tsai said.
Mr. Tsai said that the the two companies are still discussing the opportunities to work together since the Tech giant Apple may have few limitations and restrictions on operating payments businesses in China.