Apple Pay will be bringing its services to China as early as 2016 with the help of UnionPay.
The payments method, which has been introduced in multiple countries across the globe, will be working its way into a sector that is worth tens of billions of dollars.
UnionPay recently launched Quickpass, a new card emulating software, in cooperation with more than 20 commercial banks in China. Apple Pay is expected to utilise that service in order to be introduced into the Chinese payments market, according to reports from the Wall Street Journal.
The Quickpass system uses tokenisation technology, which uses a device account number to process payments, removing a link between the phone and the card. This makes fraudulent payments harder to achieve and creates a more secure transaction.
Read the full story at IBS Intelligence.
Contactless conflict
The world of mobile payments has been set alight by the competition between Apple Pay and Android Pay. The two giants have been going head-to-head to grab the largest global market share they can on an emerging technology.
Google started rolling out its Android Pay system across the US in August, attempting to gain ground on its rival, which had launched earlier in the year.
It hasn’t been smooth sailing for Apple Pay globally, however, with the payments system facing opposition in Australia from banks not wanting to lose income from transaction fees.
Alexander Hamilton 