Apple announced plans to launch its smartphone-based electronic payment system in the world's largest smartphone market on Friday. Apple Pay will start in early 2016, pending approval by regulators, said Apple and China's state-owned credit card processor China UnionPay in a joint announcement.
The two companies have contracts with 15 Chinese banks to support the system that enables UnionPay cardholders to pay via Apple iPhones, Apple Watches and iPads, Apple said in an online press release.
China's most popular mobile payment service belongs to Jack Ma's Alibaba Group. UnionPay rival Alipay dominates the mainland China market with about 400 million users.
Alipay relies on scanning onscreen barcodes rather than the wireless technology of Apple Pay.
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