Apple Inc. and China’s state-run bank-card giant, a with a new electronic-payments deal, retrying to catch up in a market where such services have already taken off.
“China UnionPay is dedicated for promotion of payment innovations and providing secure, convenient mobile payment experiences for hundreds of millions of cardholders, aligning multiple parties in the industry,” said Chai Hongfeng, executive vice president of China UnionPay.
The maker of iPhones and iPads, Cupertino, Calif, said on Thursday in the U.S. that it has teamed with bank-card processor China UnionPay Co. and fifteen Chinese banks to bring its ApplePay mobile-payment service to China as soon as early 2016 which can be possible with Apple in deal with China UnionPayfor ApplePay.
Eddy Cue, Apple’s senior vice president of internet software and services in a statement said “China is an exceedingly important marketplace for Apple and with China UnionPay and guide from 15 of China’s leading banks, customers will soon have a convenient, private and at ease payment experience”.
The deal would bring ApplePay to a market where electronic payments have already taken off. In China, more than 304 million people made online payments last year.
Apple touts its digital wallet as letting people make purchases easily and securely, encrypting and hiding away personal data to thwart thieves.
UnionPay operates China's national inter-bank clearing and settlement system and reported having issued more than five billion cards to date. The market is dominated by Alipay, an electronic-payment service in china.
Apple launched its digital wallet in a move capitalizing on the popularity of its mobile devices and taking on rivals such as Google and PayPal, which are also competing in the market.
China UnionPay, ApplePay, Apple in deal with China UnionPay for ApplePay.
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