Apple is planning to launch Apple Pay in China by early February, The Wall Street Journal reports. After grueling negotiations, the company has struck deals with China’s four major state-run banks, people familiar with the discussions said. While Apple may still face serious regulatory hurdles, the company is hoping to launch its digital payment service before China’s Spring Festival on Feb.
8. Apple officially began the process of bringing Apple Pay to China in June, when it registered to operate in the Shanghai free-trade zone as Apple Technology Service (Shanghai) Ltd. Apple CEO Tim Cook has repeatedly said he’s “very bullish on Apple Pay” in China — where iPhone sales are actually starting to outpace demand in the U.S.
— but several other competing mobile payment options already exist within the country. Apple Pay is currently available in the U.S., U.K., Canada and Australia.