Apple has struck a long-awaited deal with UnionPay and 15 Chinese banks to launch its mobile payments service in China.
The tie-up will allow Apple to tap UnionPay’s 5bn issued cards, which are accepted across China and in more than 150 countries. Agricultural Bank of China, Bank of China, China Construction Bank and ICBC are among the lenders lined up to support Apple Pay.
However, the mainland rollout of Apple Pay is still awaiting regulatory clearance. Apple said it hoped UnionPay customers would be able to add their cards to the service “as soon as early 2016 after relevant tests and certification required by Chinese regulators”.
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