Apple Pay officially launches in China, its fifth market

Apple officially launched Apple Pay in mainland China on Thursday, marking its first entry into the mobile payments market in Asia.

"We think China could be our largest Apple Pay market," Jennifer Bailey, vice president of Apple Pay, told Reuters in an interview in Beijing.

Apple has paired with UnionPay, a bank card network who operates China's national inter-bank clearing, to rollout the payment product, along with 19 other banks. Users in China will be able to tap their iPhone or Apple Watch against Apple Pay or UnionPay's QuickPass.

China is the fifth country where Apple Pay has launched, after earlier launches in the US, United Kingdom, Canada and Australia. France is reportedly next on the list.

Apple should have no problem attracting users, as mobile payments have been adopted at a much quicker rate than the US. There are 270 million monthly active users on Alibaba's mobile pay system, Apple's main competitor in the space.