Apple Pay Eyes Asian, Europe Market Following 'Slow' U.S. Adoption

Apple Inc. AAPL's mobile payment system, Apple Pay, wasn't as well received by consumers as the company had hoped, at least according to a Bloomberg report.

According to Bloomberg, Apple Pay saw a "sluggish" start in the US since its debut more than a year ago. The company is now looking towards the Asian and European market to fuel growth.

Bloomberg noted that Apple Pay will be introduced in China, Hong Kong, Singapore and Spain in 2016. The report added that Apple is "counting on its brand recognition." However, Apple will be competing with local banks and Internet companies that already offer a similar service.

Tencent Holdings' WeChat and Alibaba Group Holding Ltd BABA's Alipay already dominate the wireless mobile payment space with more than 75 percent market share within China.

However, Apple has already teamed up with UnionPay, the Chinese bank-card association. Bloomberg cited James Wester, an analyst at IDC who said this partnership makes Apple's entry into China "a lot easier."