Chinese shoppers will have another way of paying for stuff in 2016 – Apple Pay.
The American company has said in a press release (opens in new tab) that it has partnered with China UnionPay to bring Apple Pay to the large market in the east.
The service is still pending approvals, Apple added.
"Apple Pay will roll out to China UnionPay cardholders as soon as early 2016 after relevant tests and certification required by Chinese regulators, with the service itself in compliance with the applicable national mobile payment and financial industry standards in China.”
“China UnionPay is dedicated to promoting payment innovations and providing secure, convenient mobile payment experiences for its hundreds of millions of cardholders, aligning multiple parties in the industry,” said Chai Hongfeng, executive vice president of China UnionPay. “We’re very excited to offer Apple Pay among a diverse set of innovative payment options that work with China UnionPay QuickPass.”
China has become an extremely important market for western tech companies, and no wonder. It was recently reported that more than 68 per cent of the country’s 1.35 billion people now have a smartphone.
Only yesterday we reported how UK’s shopping tech firm Powa teamed up with UnionPay’s subsidiary, UnionPay Network Payments – a deal which could generate $5bn (£3.3bn) in revenues over three years.
“China is an extremely important market for Apple and with China UnionPay and support from 15 of China’s leading banks, users will soon have a convenient, private and secure payment experience,” said Eddy Cue, Apple’s senior vice president of Internet Software and Services.