Huan Qiu Wang·2026-01-16 06:39Core Insights - The credit card industry is undergoing a significant transformation as Visa announces support for Chinese-issued Visa cards to be linked to Apple Pay, breaking the long-standing dominance of UnionPay in China [1][2] Group 1: Industry Changes - Visa becomes the first international card organization to support Apple Pay in China, allowing Chinese cardholders to use their Visa cards for contactless payments abroad [1] - The collaboration marks an important step in the opening of the Chinese payment market and is a strategic move for banks and card organizations to capture the outbound financial consumption market [4] Group 2: Consumer Benefits - The upgrade enhances the convenience of cross-border payments, enabling users to link their Visa cards to their iPhone or Apple Watch for easy payments without needing to open an app [2] - Visa has launched a promotional campaign offering 100% cashback on the first transaction, up to $3, while other banks like China Merchants Bank are introducing innovative processes and cashback offers to attract users [2] Group 3: Security Measures - Payment security is a core focus of this collaboration, with Visa's technology removing sensitive card information and implementing constraints on transaction amounts and frequencies to reduce fraud risk [4] - When a Visa card is linked to Apple Pay, a unique device account is assigned and securely stored, ensuring safe transactions in various scenarios such as public transport and dining abroad [4] Group 4: Competitive Landscape - The partnership is expected to intensify competition in the cross-border mobile payment market, with banks eager to leverage digital solutions to enhance customer retention and differentiate their service offerings [4]