Apple Pay Launches in China

Apple Pay, the mobile payment system of Apple Inc., has entered the market in China, its first foray in Asia. Apple will participate in the Chinese market in collaboration with UnionPay, a credit and debit card transaction service backed by 19 local banks. The deal is unique because it will enable Apple to become a major player in China’s massive mobile payment market and challenge two major local brands, Alipay of Alibaba and WeChat Wallet, a social media platform owned by...

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