Apple Inc (O: AAPL) signed an agreement with China's largest payment and clearing system – UnionPay, as well as with 15 Chinese banks, as part of the planned launch in China of electronic payment system Apple Pay, writes the Financial Times.
The agreement with UnionPay will provide Apple access to 5 billion plastic cards, both in China and in over 150 other countries worldwide.
Among the banks that supported Apple Pay are the Agricultural Bank of China, Bank of China, China Construction Bank and ICBC.
Apple expects that customers will be able to join their UnionPay cards to the system Apple Pay "at the beginning of 2016 after carrying out the necessary tests and certification required by the Chinese regulators."
Apple has not yet received the approval of the Chinese regulators to launch a payment system in mainland China.
"The Chinese market is essential for Apple, and with the support of UnionPay, as well as the 15 largest banks in China, the users will soon have a comfortable and secure platform for mobile payments," - said senior vice president of Apple Internet services and software, Eddy Cue.
Apple Pay was launched in the US in October 2014 after the release of iPhone 6. This year the system works in the UK, Canada and Australia, and in 2016, Apple plans to launch it in Spain, Singapore and Hong Kong.
According to Bloomberg, South Korea's Samsung Electronics has also concluded an agreement with UnionPay and plans to introduce its own system of electronic payments in China next year.
As for other companies, the US stock market closed trading on Thursday with fall, amid negative dynamics of oil and gas, raw materials and industry sectors.
At the close on the New York Stock Exchange, Dow Jones fell 1.43%, S&P 500 fell 1.50%, and NASDAQ Composite Index fell 1.35%.
Volatility Index – CBOE Volatility Index, which is based on indicators of options trading on the S&P 500, rose 5.49% to reach 18.84.
USD Index rose 0.81% to 99.20.