We have already witnessed the launch of Apple pay in Canada and Australia recently and according to another report that surfaced today, suggesting that Apple is getting ready to launch its mobile payment system in one of their biggest markets outside United States, in China by February 2016.
As per The Wall Street Journal, the bank deals will allow China-based Apple Pay users to link the service to their local bank accounts. But how much Apple would charge for purchases made through electronic payment system is unclear at the far moment.
If you look at the statistics for iPhone sales in China, Apple devices have become incredibly popular in the country. But the Apple Pay service could still face a number of regulatory hurdles, added to the report.
All the aforementioned report has to be confirmed by Apple. Pay service in the U.S., the United Kingdom are now supported by a majority of banks and payment providers, though. It’s to be clarified whether it will also have limited support from the financial institutions initially?
Apple pay in China is imminent, and it’s not clear as yet whether it will support majority of countries banks and payment servers when it launches. One thing is unique and that is, China could be a major market for Apple’s mobile payment system, Apple Pay. Launch in the country might significantly boast the number of customers that use the service.
In China Apple Pay’s main competitors will be Alipay, an electronic payment platform owned by Alibaba affiliate Ant Financial, and UnionPay, a state-owned yuan payment card service. We have to see whether Apple Pay in China could become a big rival in its offering or not.
As soon as we get some confirmation from Apple on the launch date for the mobile payment service in China, we let you know. Learn more from here.