UnionPay, Apple Said to Reach Apple Pay Agreement for China
- Mobile payment system may help UnionPay fend off competitors
- China mobile-payment transaction value jumped 134% in 2014
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China UnionPay Co. and Apple Inc. have reached a preliminary agreement to introduce Apple Pay in China through UnionPay’s point-of-sales network, people familiar with the matter said.
Details of the agreement are yet to be finalized, pending feedback from banks that issue cards, said the people, asking not to be identified as the matter is private. Shanghai-based UnionPay, the nation’s largest payment and clearing network, aims to introduce Apple Pay as soon as next year, one of the people said.