Apple Pay Reportedly Launching In China In February Next Year

Posted: Nov 24 2015, 2:27am CST | by , in News | Apple

Apple Pay Reportedly Launching in China in February Next Year
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Sources said that Apple already struck deals with top state-run banks.

Apple is launching its mobile payments service, dubbed Apple Pay, in China this February, according to the Wall Street Journal, corroborating previous reports that the iPhone maker is ready to go head to head against Tencent’s Tenpay and Alibaba's Alipay, two dominant players in the booming mobile payments space in the country.

Insider sources familiar with Apple's plans said that the company has signed deals with the top four state-run banks in China, which will soon allow iPhone owners to link their bank accounts with Apple Pay. The banks include the Industrial & Commercial Bank of China Ltd, China Construction Bank Ltd., Agricultural Bank of China, and Bank of China Ltd.

China is a top priority for Apple. The company's revenues in the country jumped 99 percent annually, eventually reaching $12.51 billion in the recent quarter, thanks to the surging demand of Apple's latest iPhones. Apple CEO Tim Cook expects iPhone sales to grow more this quarter. In May, Cook told the state news agency, Xinhua, that he wants to bring Apple Pay in China soon. Representatives from the aforementioned banks declined to comment on WSJ's report. Apple also refused to comment.

Sources said that Apple is planning to launch the payments service before the Chinese Spring Festival on February 8. However, Apple has a few obstacles to face. One of the hurdles, sources say, is the amount that Apple charges for each transaction--roughly 0.15 percent for every credit card transaction and 0.5 cents per debit transaction. Another challenge is the electronic payments industry in China, which is already controlled by local companies.

Source: Wall Street Journal

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The Author

<a href="/latest_stories/all/all/21" rel="author">Gene Ryan Briones</a>
Gene Ryan Briones (Google+) is a technology journalist with a wide experience in writing about the latest trends in the technology industry, ranging from mobile technology, gadgets and robots, as well as computer hardware and software.




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