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Apple Pay expected to enter Chinese market in February 2016

By Yao Xinyu (People's Daily Online)    15:21, November 27, 2015
Apple Pay expected to enter Chinese market in February 2016
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China’s mobile payment market soon will embrace a new industry giant. According to Beijing Business Today, sources say Apple has signed agreements with four major banks in China which will enable Apple Pay to officially enter the Chinese market in February 2016. However Beijing Business Today did not get any official response from the four banks.

The rumor of Apple Pay entering the Chinese market has been prevailing for a while. In September 2014, Apple released its mobile payment Apple Pay NFC and its Touch ID technique. Apple claims that through Apple Pay, customers will be able to directly transfer the encrypt transaction data to the bank and pay to the merchants, greatly reducing the risk of information leak as it operates without the involvement of a third party.

Since its release, news has been spreading out that Apple will soon enter the Chinese market, including Apple Pay’s tests at 8 Chinese banks, negotiation with Alibaba for asking its Alipay’s help to enter the Chinese market, and company registration in Shanghai Free Trade Zone, etc. Apple CEO Timothy Cook once said that Apple Pay’s entry into China is a vital mission as China is a major market for Apple.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Yao Xinyu,Wu Chengliang)

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