Great Wall Stall Frustrates Apple Pay in China

(Beijing) – The central bank, UnionPay bank card service and e-commerce giant Alibaba Group Holding Ltd. are standing up to Apple Inc.'s effort to bring the Apple Pay no-card, no-cash payment system to iPhone users in China.

"Apple is seeking to cooperate with Chinese financial institutions" including banks for the use of Apple Pay, a People's Bank of China (PBOC) official said.