Apple Pay China launch slated for February
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Tech giant Apple will launch its mobile payment system Apple Pay in China by early February, according to a report in the Wall Street Journal.
Citing people familiar with the discussions, the newspaper says Apple has reached agreement with China’s four state-run banks to clear the way for the payment system to be used via its iPhone smartphones.
The move will place it in direct competition with local online payment platform Alipay, run by Alibaba Group, and its affiliated company Ant Financial, and UnionPay, the state run monopoly credit card system.
But while the banks are on board, the Wall Street Journal claims Apple may yet face more hurdles before it can launch the service, with banking and eCommerce regulations overseen by a number of government agencies.
Questions & Answers
Q.Which Chinese financial institutions has Apple reportedly partnered with for its Apple Pay launch?
Which Chinese financial institutions has Apple reportedly partnered with for its Apple Pay launch?
Apple has reportedly reached an agreement with China’s four state-run banks. This partnership will facilitate the use of its mobile payment system via iPhones in the country. The banks are crucial for clearing payments.
Q.What existing payment platforms will Apple Pay be competing against in China?
What existing payment platforms will Apple Pay be competing against in China?
Apple Pay will face direct competition from local online payment platform Alipay, run by Alibaba Group and Ant Financial. It will also compete with UnionPay, China's state-run monopoly credit card system, upon launch.
Q.Are there any potential obstacles that could delay Apple Pay's full launch, despite bank agreements?
Are there any potential obstacles that could delay Apple Pay's full launch, despite bank agreements?
Yes, the Wall Street Journal suggests Apple may encounter further hurdles before launching the service. This is due to banking and eCommerce regulations, which are overseen by various government agencies in China.
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