Apple Pay, Apple's mobile payment system, is set to become available in China from Thursday 18 February 2016 to customers of the Industrial and Commercial Bank of China (ICBC). The new system will be compatible with both NFC (Near Field Communication) technology as well as contactless payments such as those made by Samsung Pay or Google Wallet. “ICBC is China’s biggest lender by assets.” The China Internet Network Information Center suggests that China is now the world’s biggest smartphone market, with 318 million mobile payments users by the end of 2015. Alibaba and Tencent are currently monopolising the Chinese mobile payments market through their WeChat and Alipay payment platforms.
Apple Pay, Apple's mobile payment system, is set to become available in China from Thursday 18 February 2016 to customers of the Industrial and Commercial Bank of China (ICBC). The new system will be compatible with both NFC (Near Field Communication) technology as well as contactless payments such as those made by Samsung Pay or Google Wallet. The China Internet Network Information Center suggests that China is now the world’s biggest smartphone market, with 318 million mobile payments users by the end of 2015. Alibaba and Tencent are currently monopolising the Chinese mobile payments market through their WeChat and Alipay payment platforms.