Apple Inc. announced that it will begin accepting Chinese mobile payment app Alipay in its local stores. This boosted relationship with the e-commerce giant, Alibaba Group Golding Ltd.
The move came amid efforts being made by the iPhone maker to revive growth in the world’s second-largest economy.
The tie-up will result in Alipay becoming the first third-party mobile payment allowed system allowed at any physical Apple Store anywhere worldwide. This was according to the statement released by Alibaba’s affiliate, Ant Financial, on Wednesday which runs the mobile payment system.
The U.S. tech giant will be accepting Alipay payment across 41 of its brick-and-mortar retail store in China.
Meanwhile, Apple’s China websites, iTunes and App Store, have been accepting Alipay for more than a year already.
The deal was made as Apple is doubling down efforts on the market and strengthening ties with local Chinese partners and government bodies. Apple CEO Tim Cook has made regular visits to the country recently.
Apple will also be abiding by more local rules by shifting user data to China-based servers later this month. Last year, the company removed dozens of local and foreign VPN apps from its Chinese App Store.
Samsung will invest in New Domestic Memory Chip Line
A report disclosed that Samsung Electronics Co Ltd decided to now invest in building a second memory chip line. The chip will be produced at its Pyeongtaek production facilities in South Korea.
Chipmakers are making heavy investments nowadays to meet booming demand for semiconductors. Last year, Samsung announced its plans to invest 14.4 trillion won in its new NAND chip factory in Pyeontake by the time 2021 comes.
Samsung’s first semiconductor production line at Pyeongtaek began mass production last year in July.
“After this year’s scheduled investment into the first Pyeongtaek line is over, it will be operating at more than 70 percent capacity,” stated analyst Lee Jong Wook.
Samsung posted a record annual profit in late January. The company then said that an alleged memory chip “super-cycle” boosted its profits. It then added that the company expects the demand for semiconductors to remain strong by 2018, especially for the chips used in servers.
The announcement was made after Samsung Electronics Vice Chairman Jay Y. Lee left South Korean jail as a free man on Monday. A panel of judges suspended his sentence for charges which included bribery and embezzlement.
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