Apple to Launch Apple Pay in China

There is no wonder in the fact that Apple is extremely interested in the Chinese market. The famous company has always put a lot of focus on this market, as after all China is the country that features the biggest number of potential clients in the world.

China is an interesting market for all tech manufacturers, every single one being willing to make a solid presence in this country.

Apple has definitely been able to achieve that, its iPhone 6 being extremely popular among customers here. Well, now it seems that Apple is ready to introduce another product in China.

The famous company is willing to launch the Apple Pay service in the country as soon as February 2015.
Reportedly, Apple has already signed partnerships with the biggest state-run banks in the country, including Industrial & Commercial Bank of China, China Construction Bank, Agricultural Bank of China and Bank of China Ltd.

However, although the four big banks have joined the project, this does not mean that Apple is free to launch its electronic payment service here. The tech giant will have to obtain regulatory approval to introduce its service on the market. Banking and e-commerce in China are commonly overseen by a number of government agencies.

An interesting thing that has not been revealed at this point is how much would the tech company charge for purchases that are made with the use of the Apple Pay system.

Apple Pay in China
The payments associated to the service in the United States are 0.15% for all credit card transactions, as well as 0.5 cents for debit card transactions. Apple has not commented on this subject for now. Some sources talking to the Wall Street Journal revealed that this is one of the sensitive details that need to be established by Apple and that need to be approved by Chinese authorities.

Well, Apple still hopes that the Apple Pay will be available in China at the beginning of February, before China's Spring Festival holiday. This is a very important celebration in China and the moment when huge purchases are made. For instance, last year, the holiday generated no less than $111.1 billion in sales and dining.

The Apple Pay was first launched by the tech company in October 2014. The service has become quite popular throughout the months and Apple has also released its payment service in the UK, in July.

The service also expanded to Australia and Canada this month according to John Colston at . Now, it seems that the famous company has targeted the biggest market in the world. The number of companies that support Apple Pay payments has also increased. After all, the service allows iPhone 6 owners to easier pay for items, meaning that customers appreciate it.

However, Apple is not the only company that offers such a service. Its main competitors on the market are Samsung Pay and Google's Android Pay. These two services have also shown interest in expanding, so there is no wonder in the fact that Apple is searching for such opportunities, as well.

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