Apple has set up wholly owned Apple Technology Service (Shanghai) Co Ltd to bring Apple Pay to China, reports Yicai — as noted by BrightWire.com, a global investment newswire.
Yicai, citing the local Shanghai Free Trade Zone (FTZ) government, says the company was registered with a capital of US$13.4 million on June 10. This week the government showcased 23 services including Apple Pay at a conference to introduce the FTZ's preferential policies for technology service providers. (Yicai is the online news section of China Business News, an economic and financial media group based in Shanghai.)
Apple announced Apple Pay in September 2014, describing it as “a new category of service designed to transform mobile payments with an easy, secure and private way to pay.” It works with compatible devices through a NFC antenna design, a dedicated chip called the Secure Element, and Touch ID.