Apple Pay appears headed to China. The release of
the first beta version of iOS 8.3 had Apple Pay
support for China UnionPay. But don't count on
the mobile payment system creating a stir in the
country just yet. An official with the People’s
Bank of China says that Apple has yet to
approach regulators in China about allowing
financial institutions in the country to
participate in the program. Because Apple has yet
to seek out regulatory approval, this official says
"it's unclear whether the product meets the
government's requirements."
Despite the iOS 8.3 beta 1 support for UnionPay,
which is the government run debit and credit
card operator, Apple's relationship with the
outfit is not as close as it would seem to be.
Talks between Apple and UnionPay have hit a
rough patch. Like Apple Pay, UnionPay relies on
NFC for its mobile payment system in China,
which works with a smartphone loaded with a
special China Mobile SIM card. Regulators have
steered clear of the negotiations between Apple
and UnionPay, which both had hoped would be
finished by March. The company has the only NFC
payments network in China.
Apple could decide to strike a deal in China with
Alibaba's Alipay app. The latter uses a QR code
and a fingerprint password developed by Alibaba
and Apple to make a payment. Alipay still uses
UnionPay's NFC network to complete a
transaction. No matter how it is done, Apple Pay
is destined to get into China as the mobile
payment system expands from the U.S. to Canada
and beyond.
source: MarketWatch via MacRumors
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