Apple Inc plans to launch its mobile payment system Apple Pay in China by early February, the Wall Street Journal reported.
The iPhone maker has struck deals recently with China's big four State-run banks, the newspaper reported, citing people familiar with the discussions.
When launched, Apple Pay will mainly compete with Alipay, the online payment platform run by Alibaba Holding Group affiliate Ant Financial, and UnionPay Co, a State-controlled consortium that has a monopoly on all yuan payment cards issued and used in the country.
Apple's plans could still face regulatory hurdles in China, the WSJ said.
