Oct 28, 2014 11:52 AM by News Staff
LAGUNA BEACH, Calif. (AP) - Apple's CEO is declaring the company's new mobile payment system a success.
At a tech industry conference in Laguna Beach, California, last night, Tim Cook boasted that the Apple Pay system had over 1 million activations in the first three days after it became available, and is now more widely used than any competing payment system. He says Visa and MasterCard officials have told Apple that Apple Pay is already seeing more use than similar "contactless" methods of paying for purchases.
Apple has partnered with major banks and large retail chains including Macy's, Walgreen and McDonald's on Apple Pay, but critics have noted that it's not accepted by a number of other large chains. Among them are the drugstore chains CVS and Rite Aid, which belong to a retail coalition working on a rival system.
Cook also said he plans to talk with the head of Chinese e-commerce giant Alibaba later this week about a possible partnership, although he offered no details. Jack Ma told the same audience earlier in the day that he would be "very interested" in teaming with Apple to bring Apple Pay to China.