The New Apple Payment System Will Start In China In 2016

Chinese consumers are going to have use of Apple Pay shortly, after Apple hit a partnership with China UnionPay, the government-approved organization which is the sole bank card issuer in The United States. Apple Pay will probably be available early next year after it passes regulatory evaluations.

Apple failed to disclose just when Apple Pay is going to be found in China, but an earlier report by Dow Jones says February.

China is already Apple’s second-biggest market following the U.S. (its sales there soared an impressive 99 percent to $12.51 billion in last reported quarter). United with China UnionPay’s 260 million customers, Apple Pay will start with an impressively large network of prospective users-but this does not ensure its success.

Competing mobile payment services comprise Alibaba’s Alipay and Tencent’s WePay, which will be accessible through WeChat (China’s most widely used messaging program). Both are already popular for both online and also offline purchases. The truth is, Tim Cook allegedly met with Alibaba creator and Chairman Jack Ma last year to talk about incorporating Apple Pay with Alipay.

In case a venture does occur, it could give Apple Pay an important boost in China because Alipay has about 350 million users, but there haven’t been any statements since Cook and Ma allegedly met last year.