Apple Pay Coming to China Tomorrow

By Lucas dos Santos, February 17, 2016

1 0

Although the arrival of Apple’s mobile payment system in China was announced two months ago, its February 18 launch date wasn’t known until this Monday, when China Guangfa Bank revealed the news in a Sina post

Guangfa is one of the 19 Chinese banks (including the big ones, like ICBC and Citic) on board with Apple for its Chinese mobile payment foray. 

It all began last December when UnionPay, the monopoly-holder for bank-card payments in China, made the deal with Apple, by which its customers would be able to link their accounts to their Apple devices (iPhone, iPad or Apple Watch) and make cashless and cardless payments.

Some details of the deal, such as how much of each transaction will be going to Apple, haven’t been disclosed yet. In the US, for example, Apple retains 0.15 percent of all credit card payments, according to the Wall Street Journal.

Apple Pay was introduced in 2014 and China is the fifth country to adopt it, after the US, Canada, the UK and Australia. 

However, unlike those other countries, China is already quite familiar with mobile payments, with some 360 million people routinely using this method. Apple thus faces robust competition in the form of Alipay, Alibaba’s mobile payment app, and WeChat Wallet, Tencent’s equivalent.

But Apple’s motivation is not in short supply as, according to the Verge, it “worked hard” throughout last year to obtain this valuable deal, and proved its commitment to the Chinese government by spending USD13.4 million to create and run a company in Shanghai’s free-trade zone.

READ MORE: Over 32 Billion Hongbao Sent Through WeChat for CNY

more news

Chinese Company Fined for Incomplete Map of China

Chinese companies botching the official map of China is more common than you'd think.

Annual China Ugliest Building Survey is Underway

Cast your ballot now for the 12th edition of the Ugliest China Building Survey.

Will China's New COVID-19 Vaccine Work Against the Delta Strain?

Experts predict the vaccine candidate, SCB-2019 (CpG 1018/Alum), could be the most effective vaccine developed in China.

China Version of TikTok Imposes Daily Time Limit for Kids

Users under the age of 14 will be limited to 40 minutes of access to the app per day.

See Where Heavy Rain is Expected in China Over Mid-Autumn Break

Be sure to check the weather if you plan on traveling during the mid-autumn festival.

A Seller's Story on Building a Fake Goods Empire in China

We're not just talking Louis Vuitton handbags, Armani suits and Yeezy boots.

1 Dead After Gunman Goes Berserk in China

​On September 13, a lawyer was killed in Wuhan by a gun-wielding man over a debt litigation suit.

0 User Comments

In Case You Missed It…

We're on WeChat!

Scan our QR Code at right or follow us at thatsonline for events, guides, giveaways and much more!

7 Days in China With thatsmags.com

Weekly updates to your email inbox every Wednesday

Subscribe

Download previous issues

Never miss an issue of That's Magazines!

Visit the archives