Though Apple Pay is currently available in four countries, Apple has reportedly sealed deals for what could ultimately become the mobile payment service’s largest market: China.
The Wall Street Journal has broke the news that, according to sources familiar with the iPhone maker’s plans, Apple Pay is intended for a launch in the People’s Republic of China by February 2016. The company is said to have cleared a major hurdle by signing deals with the country’s four large state-owned banks, though regulatory approval still appears forthcoming.
Apple’s hope is for Apple Pay to arrive in the world’s most populous country by the time of its annual Spring Festival Holiday on February 8. Alipay, created by the native e-commerce giant Alibaba, currently leads China’s market for mobile payment services; however, Apple’s huge recent success in China, strongly driven by the new iPhones, suggests that it could soon pose formidable competition.
Apple chief Tim Cook has previously spoke of his great desire to bring Apple Pay to China, and described himself as “very bullish” about its chances of success there. Apple Pay’s current markets are the United States, United Kingdom, Canada and Australia.
