Apple Inc. Has a Big Surprise for China Coming in February

Apple Inc. (NASDAQ: AAPL) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications.

Apple Pay's reach is broadening. Apple's deal with the China's banks will allow the Apple Pay users to link the service with their local bank accounts.

Apple's difficulties in bringing Apple Pay to China mirror those it has encountered in other countries in that much of the negotiations hinge on transaction fees owed to banks; this has been a sticking point in Apple's negotiations with Australia's main banks.

However, Apple Pay is anticipated to face many barriers in its struggle.

Apple's profits from China increased 99% to $12.5 billion in the third quarter of this year.

A Shanghai-based press officer at UnionPay declined to comment.

Earlier in September, we reported that Apple was attempting to make inroads into China with its Apple Pay service. Some sources even say that the tech company is hoping to have Apple Pay working in China by Feb 8, which coincides with the beginning of the country's Spring Holiday.

Mobile-payment transactions in mainland China jumped 134 per cent to 22.6 trillion Yuan (US$3.537 trillion) previous year, according to central bank data. The country presents itself as a good option because of its growing middle class and high saturation of Smartphone owners. The four banks have not given comments on their agreements with the company.

If the reports prove true, Apple Pay will be made available in Hong Kong and the Chinese mainland nearly at the same time.

Two of the major four banks Apple is said to be striking a deal with, are Industrial & Commercial Bank of China Ltd and China Construction Bank Ltd. However, spokespeople for these banks have chosen to stay mum on the matter.

MasterCard has launched a limited "Fare Free Mondays" promo today, which is offering free public transport to Apple Pay users in London. Company is willing to expand its mobile payments service to add additional facility to build consumer loyalty.

Come February 2016, per a Wall Street Journal (WSJ) report, Apple will reportedly introduce Apple Pay in China.