Apple CEO Tim Cook has previously said that bringing company’s mobile payment service, the Apple Pay, to China is one of the top priorities of the company. Now citing sources familiar with the matter, Wall Street Journal reports that Apple Pay will be hitting the Chinese market in the month of February next year.
China is all set to become the biggest market for Apple real soon, which has already surpassed Apple’s European market share. Since Apple is soon going to have its largest user based in the country of China, the company won’t hold off from bringing its payment service to the country in an effort to give a boost to Apple Pay which has not been a hit so far due to lack of support from retailers/institutions end.
Apple has been working on bringing Apple Pay to China and has been in talks with financial institution to turn company’s plans into reality, but the disagreements between the banks and Apple over sharing the commission on each Apple Pay transaction, and the prevailing Chinese regulations are turning out to be the main hurdles in the launch in Apple Pay in China.
Currently, AliPay is the most popular mobile payment service available in China, which is owned by Alibaba. Samsung is also reportedly eyeing Chinese market to launch its Samsung Pay mobile payment service earlier next year.
Apple Pay was first launched back in October 2014 in the United States. It was only recently Apple expanded its mobile payment service to markets of Canada and Australia.