With Apple Pay, Mobile Payment Arena Gets More Crowded

A partnership between Apple Inc. and the bankcard association UnionPay brought the U.S. company's mobile payment service to China in February. Apple Pay uses near-field communication (NFC) technology so iPhone users can just wave their phones near point-of-sale terminals to complete purchases.

The U.S. smartphone giant has not yet released its iPhone sales figures for China, but a rough estimate based on data from the Big Three telecom operators indicates that the number of owners of the iPhone 6 and 6s may top 10 million. This creates a huge user base for Apple Pay.