Apple Soon To Launch Online Payment in China

According to a news break by Dow Jones, there are strong predictions that the mobile payment service is going to grow big in Asia with the entry of Telecom bigwig Apple Pay.

Companies which want to launch online payment operation in China need to gain approvals from Chinese regulators like the central bank. Apple had initially planned to push a partnership with UnionPay – which governs all NFC payments within the country, but negotiations between the two sides have been slow and unfruitful and government regulations and security concerns prevented Apple from reaching the final deal, initially planned for March 2015.

Apple Pay is making its way into the Chinese market.

The service is launched in the Shanghai Free Trade Zone (FTZ) which is designed to be the center of financial reforms, according to China News Service.

Hopefully for Apple, the existence of the China-based Apple Technology Service (Shanghai) Ltd marks a positive step on the road to debuting Apple Pay in the country, although the journey’s not over yet. An alternative payment solution, offered by domestic internet firms Alibaba and Tencent, which lets users scan QR code to complete transactions, is far more popular. Canada and China have been rumored to be next in line to receive this payment service and there is no doubt that Tim Cook is leaving no stone unturned to make this a stark reality soon.