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11/02/2024 01:25:32 pm

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Apple CEO Tim Cook Eyes Partnership With Alibaba In China

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(Photo : Reuters) Apple's CEO Tim Cook spoke on the WSJ live conference about Apple Watch, Apple Pay, iPhone and Alibaba.

Apple's (AAPL) CEO Tim Cook sat down for a 30-minute talk at The Wall Street Journal Live technology conference and spoke about Apple Pay, iPhone, iPod and partnering with Chinese e-commerce provider Alibaba.

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On the subject of Apple Pay, Cook said he understands why retailers are looking to cut the costs of credit and debit cards by establishing their own payment service. But he also said that he believes customers will only use these retailers if they offer the right payment options.

In the next five years, Apple looks to diversify its income streams. The iPhone currently accounts for approximately 50 percent of Apple's revenue, but Cook said its $18 billion services industry should be taken into account, alongside its other successful products.

Speaking about Apple Watch, Tim Cook said it was a profoundly different device from others in the industry, because at its core the smartwatch is more than a technology gadget - it is built for fitness, health and fashion.

One of the most interesting parts of the conference was Tim Cook's admiration for Alibaba founder Jack Ma, who was on the show before Cook. He claimed to be very interested in partnering up with Alibaba in China through its AliPay service.

Cook gave no hints as to what the service would be, whether Apple would just allow AliPay on its website or if it would be a deeper integration, with AliPay working as the solution for Apple Pay in China.

Either way, Apple's CEO has reiterated they are investing a lot in China - offering a payments service on top of AliPay could be a way to make even more money - especially if Alibaba is interested in the partnership as well.

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