We have been hearing gossipy tidbits about Apple’s exclusive mobile payment service in China for some time now.
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Finally, we received some official news! Apple’s payment service which is named as Apple Pay is expected to launch in China in February 2016.
The news came through the genuine and trusted report of the famous Wall Street Journal.
The report claims that Apple has planned to release the service on China’s annual Spring Festival holiday.
The exact date is mentioned to be February 8. As we knew before, Apple has already signed major deals with the country’s four government banks.
The service will allow the user throughout the country to connect their personal bank accounts with the Apple Pay service.
The functioning will begin as soon as the service is announced. Another important point is that, however, Apple has made the deals.
The company can face serious regulatory issues, regardless of the deals and terms involved.
The report also mentions that the Cupertino giant can also face tough times in the market.
China has its own state-run payment service called; UnionPay which is already consuming a large sum of credit and debit card payments of the nation.
Also, there are Alipay and WeChat, which are also enjoying the high share in the electronic payment sector.
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As for now, Apple Pay has already started working in four major countries. They are the US, UK, Canada, and Australia.