“China’s central bank, UnionPay bank-card service and e-commerce giant Alibaba Group Holding Ltd. are standing up to Apple Inc.’s effort to bring the Apple Pay no-card-no-cash payment system to iPhone users in China,” Li Xiaoxiao reports for Caixin Online.
“‘Apple is seeking to cooperate with Chinese financial institutions’ including banks for the use of Apple Pay, a People’s Bank of China (PBOC) official said,” Li Xiaoxiao reports. “At the same time, the American company has not yet ‘acknowledged regulators,’ and as a result, ‘it’s unclear whether the product meets the government’s requirements’ for a commercial operation.”
“Apple is also struggling with its relationship with UnionPay, China’s state-owned credit- and debit-card system operator,” Li Xiaoxiao reports. “Sources close to the companies said that talks aimed at an agreement that would open China to Apple Pay have stalled.”
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