With China being the world’s most populous country, it seems surprising to think that Apple took this long to implement the payment system there. China is the fifth country Apple Pay will go live in, after launching in the US, Canada, UK and Australia in 2015.
Apple has taken a similar approach in China as it did in the US by partnering with UnionPay, which holds a monopoly on the country’s credit and debit card systems. When Apple Pay launched with Visa, Mastercard and American Express in the US, it was instantly covering almost 90 percent of the country’s possible card transactions.
It is reported that Apple Pay will be available with as many as 20 banks in China, including China Merchants Bank and SPD Bank later this year.