Apple partners with UnionPay to launch payment service in China in early 2016

New York: Apple Inc said on Thursday it had partnered with China UnionPay to launch payment service Apple Pay in China for China UnionPay cardholders by early 2016.

China UnionPay is a state-controlled consortium that has a monopoly on all yuan payment cards issued and used in the country.

"China is an extremely important market for Apple and with China UnionPay and support from 15 of China's leading banks, users will soon have a convenient, private and secure payment experience," said Eddy Cue, Apple's senior vice president of Internet software and services in a statement.

Apple Pay will mainly compete with Alipay, the online payment platform run by Alibaba Holding Group Ltd affiliate Ant Financial.

In July, Apple brought its mobile payments service to Britain to capitalise on the increasing mobile online transactions.

Download the all new Deccan Chronicle app for Android and iOS to stay up-to-date with latest headlines and news stories in politics, entertainment, sports, technology, business and much more from India and around the world.