Apple Pay timeline in China unknown after negotiations stall | iLounge News

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Apple Pay timeline in China unknown after negotiations stall

Sources close to Apple’s talks with Chinese banks say a disagreement over Apple’s fees has stalled Apple Pay’s rollout to China, MarketWatch reports. Despite rumors that Apple would wrap up negotiations in March, problems with UnionPay — the only company that handles inter-bank payments in China — have kept Apple Pay support for out of the iOS 8.3 Chinese release last week. An unnamed UnionPay employee said the company hasn’t made a deal with Apple or set a timetable for reaching one. Chinese banks also balked at the 0.15 percent charge Apple takes from the standard 2 percent fee on credit card transactions and the half-penny Apple collects from debit transactions in the U.S. Apple has also hit snags rolling out Apple Pay in other countries as well, including the U.K.

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