How Apple Pay Plans To Take On China

Apple is reportedly introducing its mobile payments service to China next year—but it faces stiff competition in Tencent and Alibaba.

Come next year, Apple intends to bring Apple Pay to China, according to a new report by the Wall Street Journal. Apple has inked deals with China's four largest state-owned banks, and the company's goal is to allow Chinese citizens to hook up Apple Pay with their existing bank accounts by February. Though Apple may still be subject to regulatory issues, its entry into the Chinese market could open up its mobile payments product to millions of potential new customers.

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