Apple plans to launch it m-payment service in China in time for Lunar New Year, it emerged this week.
Sources cited by The Wall Street Journal on Monday claimed that the iPhone maker has entered into partnerships with the country’s four state-run banks: Industrial & Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of China.
The deals pave the way for Apple Pay’s prospective Chinese customers to link the service to their bank accounts.
According to the report, Apple still needs to negotiate a number of unspecified regulatory hurdles, while the commission that Apple levies on transactions has also been a sticking point.
In the U.S., sources claim Apple takes a 0.15% share of all credit card transactions, and charges 0.5 U.S. cents per debit card transaction.
Nonetheless, Apple reportedly plans to launch Apple Pay in China in time for the Spring Festival and the Lunar New Year celebrations, which take place on 8 February 2016.
Apple Pay made its debut in the U.S. in October 2014, followed by the U.K. in July 2015. In November, Apple Pay launched in Canada and Australia.
Apple accounts for Apple Pay revenues under Services, which also includes the App Store, iTunes, iCloud, AppleCare and other services. In the three months to 26 September, Services revenue came in at US$5.09 billion, up from $4.61 billion a year earlier, shortly before Apple Pay was launched.
