Apple will bring Apple Pay, its mobile payment system, to China as soon as February, according to The Wall Street Journal. Sources told The Journal that the company has made deals with China's big four state-run banks, which will allow linked banked accounts.
It’s not clear what the cost of Chinese transactions will be there or what regulatory problems have yet to be solved. Apple is reportedly hoping to launch the service before Feb. 8 and the Spring Festival, according to The Journal.
According to Seeking Alpha, China UnionPay holds a monopoly on credit and debit processing, while private-sector e-payments are dominated by Alibaba's Alipay, and Tencent's WeChat.