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Apple signed an agreement with UnionPay that are required to run Apple Pay in China

Apple has reached an agreement with the Chinese Association of issuers of Bank cards, China UnionPay has entered into agreements with four major Chinese state banks, which makes it possible to launch the country’s own payment service.

Apple is actively promoting its mobile payment systems to the Chinese market, the extent of which is estimated at $1 trillion. Through these efforts, Apple in September registered base on payment services Apple Pay in the free trade Zone /FTZ/ Shanghai.

Apple Pay was unveiled in September last year, and its official launch on the American market took place in the second half of October. The system allows iPhone, iPad and Apple Watch to make payments in stores and on the Internet in a contactless manner — using a communication technology short range NFC.

Despite the popularity of Apple’s smartphone in China, the company is there to expect strong competition. The reason local services: Alipay and Tenpay, which is already won, respectively, 45% and 19% of mobile payments market in the country.

According to analysts, the service in China may face problems as a result of legislative norms in this sphere. Also it is unknown how much Apple will receive for each transaction. In the U.S. the company receives 0.15% of the transaction amount if it was paid by credit card, and 0.5 cents if you use debit.

The Chinese market is one of the most important for Apple. IPhone sales in China grew almost to the widow in the fourth fiscal quarter of this year.

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The launch of Apple Pay in China, according to preliminary information, is scheduled for February 2016.

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