Apple hopes to bring Apple Pay to the world's second largest economy - and the most populated country - by February 8, 2016. Considering that Google's mobile apps and services aren't really welcome in China, the move could gain large traction for Apple's digital payment services.
However, there's more work to do with the country's banking regulatory groups. And not all of the details are nailed down yet, sources say; particularly in how much Apple will charge for each transaction. According to the Journal, Apple earns 0.15% of a credit card transaction value and $0.05 per debit card transaction.
An Apple push to bring Apple Pay to China sooner rather than later is one of good timing.
That means there are plenty of iPhones already seeded in China that can support Apple Pay. And even better for Apple: It doesn't yet have to contend with Google's Android Pay, a similar digital payment system.
China has generally shunned Google's Android apps, Play Store and services for the last several years, making it tougher for Android Pay to be a contender in the country; a problem Google is surely working to address. It's unlikely the company will have done so prior to February 8, however.
What's the significance of that date and why would Apple be pushing to launch Apple Pay in China by then?