Apple CEO Tim Cook Says Apple Pay aSuccess

Apple CEO Tim Cook said
Apple’s new mobile payment 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.
“We’re already No. 1. We’re more than the total of
the other guys,” Cook boasted Monday during a
tech industry conference, “and we’ve only been at it
a week.” He said Visa and MasterCard officials
have told Apple that the Apple Pay system is
already seeing more use than similar “contactless”
methods of paying for purchases.
While Apple has partnered with major banks and
large retail chains including Macy’s Inc., Walgreen
Co. and McDonald’s Corp., critics have noted that
it’s not accepted by a number of other large chains.
Among them are the drugstore chains CVS
Caremark Corp. and Rite Aid Corp., which belong to
a retail coalition working on a rival system.
Cook also said he plans to talk with Jack Ma,
executive chairman of the Chinese e-commerce
giant Alibaba, later this week about a possible
partnership, although he offered no details. Ma told
the same audience earlier Monday that he would be
“very interested” in teaming with Apple to bring
Apple Pay to China.
Ma and Cook spoke during separate appearances
on an outdoor stage on the opening night of a three-
day tech conference organized by The Wall Street
Journal.
Responding to questions, Cook also said he expects
Apple’s iPhone will continue to be the company’s
biggest-selling product, contributing the majority of
Apple’s revenue and profit, for the next few years.
But he boasted that sales of Apple’s Mac
computers are growing faster than the overall
personal computer industry, which has struggled in
recent years.
He also touted the upcoming release of an Apple
smartwatch and dropped broad hints about Apple’s
work on a new television product, which has been
rumored for years.
Today’s televisions haven’t advanced much
technologically in the last 30 years, Cook said. “So I
think there’s a lot to be done here.”
Cook didn’t offer specifics, but he said, “It’s an area
where I’m optimistic that there is something great
that can be done in the space.”
Apple started operating its new digital payments
service last week, offering it only in the United
States to start, and only for users of its newest
models of iPhones and iPads. The company has
touted the privacy and security features of its
service, which uses a sophisticated encryption
system to let users charge purchases on credit
card accounts without having to show their card or
account number.
Repeating a favorite dig at competitors such as
Google and Facebook, Cook said Apple doesn’t
collect user data or purchase information. “We
don’t want to know what you buy. We’re not Big
Brother; we’ll leave that to other people.”
Speaking earlier, Ma said he is looking for a variety
of U.S. partners for Alibaba Group, the Chinese firm
that held a record stock market debut on Wall
Street earlier this year. Ma said he is visiting
Hollywood film studios this week to discuss
potential deals, because “China will be the largest
movie market in the world” in the next 10 or 15
years.
Alibaba operates several Internet services,
including retail sites, online payments and
streaming video. Ma said Alibaba is also helping
U.S. food producers, including cherry farmers from
Washington state and fishermen from Alaska, sell
their harvests in China.

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