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Apple Pay to launch in China by February - report
2015-11-24 09:22:00| Telecompaper Headlines
(Telecompaper) Apple is set to launch its Apple Pay electronic-payments service in China in February next year, according to unnamed sources cited by The Wall Street Journal. The tech giant has recently signed deals with China's big four state-run banks that will allow Apple Pay users to link their local bank accounts to the service, said the sources. However, the report cautions that Apple could still face regulatory hurdles in China, where banking and e-commerce are controlled by a number of government agencies. Apple Pay was launched last year in the US and other countries, with the company reportedly retaining 0.15 percent of all credit card transactions and 0.5 cents per debit transaction in the US. The amount Apple would make off such transactions in China has been a sticking point in negotiations, said the sources, adding that the US company hopes to launch the service before China's Spring Festival holiday on 08 February.
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Category:Telecommunications