Apple share price: Chief executive happy with new payments service

By: Alice Young
Alice Young
Alice joined the Invezz team after motherhood convinced her to make a career change from actuary-ing. She brings a… read more.
on Oct 28, 2014
Updated: Oct 21, 2019

iNVEZZ.com, Tuesday, October 28: Apple Inc’s (NASDAQ:AAPL) chief executive Tim Cook already sees the company’s new mobile payments offering, Apple Pay, as a big success, the Wall Street Journal has reported. The statement comes as some US retailers have reportedly refused to use the tech giant’s new service.

Speaking at the WSJ’s Digital Live Conference, Cook also hinted at a possible partnership with Alibaba (NYSE:BABA), the Chinese e-commerce giant which floated on the NYSE last month.
Shares in the California-based tech giant have added about 0.6 percent on the NASDAQ so far today, while Alibaba’s share price currently stands more than one percent higher in New York.

**Tim Cook happy with Apple Pay**
The WSJ yesterday quoted Tim Cook as saying that more than one million credit cards had been activated on Apple Pay within 72 hours of its debut, with the number making the service the largest mobile-payment offering.
Apple launched its payment service last week, allowing iPhone 6 users to make payments at retailers with their smartphones.

News over the weekend, however, suggested that drugstore chains CVS (NYSE:CVS) and Rite Aid (NYSE:RAD) had opted out of Apple Pay.
Speaking at the WSJD Live conference, Cook said that the reports amounted to a skirmish and expressed confidence that Apple Pay would thrive in the long run.
“You are only relevant as a retailer or merchant if your customers love you,” Apple’s CEO noted. “It’s the first and only mobile payment system that’s easy, private and secure.”

**Potential Alibaba partnership**
The WSJ also quoted Alibaba’s executive chairman Jack Ma as saying that he was open to working with Apple on mobile payments.
“I hope we can do something together,” Ma noted at the WSJD event when asked if Alibaba affiliate Alipay and Apple Pay might tie up. He cautioned, however, that it should be a “marriage” that both sides wanted.

When asked about such a partnership, Cook said, as quoted by CNBC:  “We are going to talk about getting married later this week.” He added: “I have the utmost respect for Jack.”
Alibaba, which floated in New York last month, is also reportedly seeking to strike up deals with Hollywood studios which would allow it to distribute US movies and TV shows in China. ()
**As of 13:57 GMT, buy Apple shares at $106.20.**
**As of 13:57 GMT, sell Apple shares at $106.10.**
**As of 13:58 GMT, buy Alibaba shares at $99.60.**
**As of 13:58 GMT, sell Alibaba shares at $99.55.**

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
10/10
67% of retail CFD accounts lose money