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Will Apple Inc. (AAPL) Launch Paypal Holdings Inc (PYPL) Rival At WWDC?

Apple Inc (AAPL) Store

Apple Inc.  is planning to announce Apple Pay for the Web at WWDC 2016 next week. The online version of Apple Pay will support online transactions. The payment service, which would be available on selected retailers’ websites, will make much easier for iOS users to purchase products online using Touch ID, according to a report from Digital Trends. The iPhone maker has been expanding its mobile payment product, with addition of 34 credit unions and banks.

Apple Inc (AAPL) Store

Apple Pay

Apple Pay is simple-to-use application available on iPhone, iWatch, or iPad. It can be used to pay in stores or within apps with a fingerprint sensor.

“It’s the dream that Apple Pay started with the introduction of tap-to-pay and in-app purchases via the Touch ID fingerprint sensor on iPhones back in 2014. Six countries and 2 million locations later, [the company] is preparing to conquer the next frontier of payments: the web,” the publication said.

The Cupertino-based tech giant is working aggressively to expand its payment system beyond the domestic market. The company recently inked deals with big five bank holdouts of Canada. The mobile payment service is now available in Canada, Singapore, the UK, Australia, China and the U.S. The company is planning to expand the service to Japan, Brazil and France.

The rumors mill suggested that the iPhone maker could announce a debut in Switzerland at WWDC. The company is focusing on Europe and Asian markets for its mobile payment product.

PayPal Competitor

According to the report, Apple Inc.’s payment system for the web would be a tough competitor for Paypal Holdings Inc , a big player in the online payments market. The company offers a mobile payment service for websites and apps, called One Touch. PayPal is the most favorite online payment system among online retailers. The report notes that over 250 out of the top 500 online retailers use PayPal for online transactions. The Digital Trends report, however, mentioned that Apple Pay will be much easier to use on iOS devices.

Apple Pay requires a fingerprint verification. The payment system is currently available on iPhone 6/6S, iPhone 6/6S Plus, iPhone SE, iPad Pro, and the Watch. So it is still unclear whether the online payment system will be available on devices that does not have fingerprint sensors. The company may use a password instead of fingerprint verification.

Rumors suggesting that the online payment system for the Web would require the Safari web browser for online transactions. The rumor mill is also saying that the tech giant will unveil a new MacBook with a Touch ID fingerprint sensor at WWDC.

Apple Pay In China

China is the world’s biggest market for smartphones, with over 350 million mobile phone users by the end of 2015. The market is also the iPhone maker’ second biggest in terms of revenue, although the company is yet to replicate the same success with its mobile payments division. The company launched its mobile payment platform in China early this year in partnership with Industrial and Commercial Bank of China Ltd. The lender will be joined by 19 other peers who have been listed as official partners for the U.S. tech giant’s mobile payment platform.

Shares of Apple Inc.  closed 0.82% down on Friday.

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