Global Brands Rush Into Digital Payments Business

BY HYEIN JEONG

Currently, some of the largest tech companies are keeping up with the latest mobile payments business trends. They are working on their own domestic payment services. Mobile Pay, Apple Pay, Ali Pay, Google Wallet and M-PESA.

Apple launched the service in October 2014 and the estimate of users is between 8-12 million. Ali Pay, a major Chinese payment platform affiliated with Alibaba Group have 800 million total registered users. Also, Google developed a peer-to-peer payments service in May 2011. Google does not disclose precise number of users, the figures of Google Wallet can be extrapolated between 20-50 million. M-Pesa, launched in 2007 by Vodafone of Safaricom and Vodacom, the largest mobile network operators in Kenya and Tanzania is adopted by more than 33 million people.