China UnionPay, Apple reach tentative agreement to bring Apple Pay to China

China UnionPay and Apple have reached a preliminary agreement to introduce Apple Pay in China through UnionPay’s point-of-sales network, reports Bloomberg, quoting unnamed “people familiar with the matter.”

Details of the agreement are yet to be finalized, pending feedback from banks that issue cards, the article says. Shanghai-based UnionPay reportedly plans to introduce in 2016.

China UnionPay, also known as UnionPay or by its abbreviation, CUP, is the only domestic bank card organization in the People's Republic of China. Apple Pay is Apple's mobile payment service, which lets iPhone 6, 6s, 6 Plus, 6s Plus, and Apple Watch owners make payments using NFC with their devices.