NFC Times Exclusive Insight – Apple has announced overdue plans to launch Apple Pay in China early next year, touting a list of 15 major banks that will enable customers to load their credit and debit cards in its Wallet app, including China’s big four state-owned banks. Meanwhile, Samsung followed with an announcement of its planned launch of Samsung Pay in China, which was also expected.
The Apple announcement, following what is believed to have been a lengthy negotiation period with the banks and payment network China UnionPay, comes a week after UnionPay announced it had expanded its mobile payments service using host card emulation on Android phones, with more than 20 banks participating. The HCE technology will enable the banks to offer mobile payments from their own mobile-banking apps. Many of the same banks are also planning to participate in Apple Pay.