TEMPO.CO, Shanghai - Apple will launch an online payment in China as it seeks to expand its largest market outside of the U.S. despite tough competition from local competitors.
The service is launched in the Shanghai Free Trade Zone (FTZ) which is designed to be the center of financial reforms, according to China News Service.
Apple did not reveal its release date, however, the company told AFP that CEO Tim Cook wants to setup Apple Pay in China as soon as possible.
Cook previously mentioned that he expects China to one day surpass the U.S. as Apple’s largest market.
However, China’s e-commerce giant Alibaba is dominating the country’s online payment via Alipay, that is similar to Paypal, which dominates 80 perent of the market.
According to AFP, internet company Tencent is providing a similar service through its popular messaging app WeChat.