Apple Pay to launch in China in 2016

The American company has joined forces with UnionPay to enter the mainland, reports Tech in Asia

Apple Pay will be available in mainland China in early 2016, according to a statement released by the company today. To bring Apple’s mobile payment system to the mainland, the company has partnered with China UnionPay, the main card company used by Chinese banks.

The pairing means that Apple Pay can work with the already-omnipresent UnionPay QuickPass terminals (the consoles near many cash registers where users can simply tap their card, instead of swiping it), using the iPhone and Apple Watch’s NFC antennas.
 

Apple says the service will be functional “as soon as early 2016 after relevant tests and certifications required by Chinese regulators.” Navigating the world of Chinese regulators is no easy task, but it is one that Apple – more than many other foreign tech companies – is very familiar with.
 

It would be wrong to say that Apple has missed the boat on epayments in China, but it certainly isn’t leading the pack. Over the past few years, WeChat Wallet and Alipay – the payment apps run by Tencent and Alibaba, respectively – have revolutionized China’s epayments space.
 

Alipay’s rise was fueled by its use on Taobao, the Chinese ecommerce juggernaut, while WeChat Wallet grew through peer-to-peer transfers and in-app purchases. Since their initial periods of adoption, the services have expanded to now include everything from buying stocks to paying for taxis. Both WeChat and Alipay are now used extensively for in-store cashless payments, too.

This is an excerpt from Tech in Asia. You can read the full article here.