At 5:00 AM on February 18, Apple Pay officially launched. Apple's official website announced that the first batch of cooperating banks included 19 institutions, among which five major banks such as Industrial Bank, China Merchants Bank, and others, as well as city commercial banks like Beijing Bank and Shanghai Bank. Apple Pay will support both debit and credit cards issued by these banks.
Apple Pay is an NFC-based mobile payment feature introduced by Apple during the fall 2014 product launch. It was officially launched in the U.S. on October 20, 2014, making China the fifth country to adopt it in Apple’s global strategy.
Earlier last year, UnionPay announced a partnership with Apple Pay and Samsung Pay. Apple Pay will integrate with UnionPay’s cloud flash payment system via NFC antenna design. As long as an iPhone is near a UnionPay cloud flash-enabled POS terminal and the user places their finger on Touch ID, the payment can be completed quickly.
According to a reporter from 21st Century Business Herald, at the POS end, besides UnionPay’s flash terminals, third-party payment companies like Quick Money have also expressed readiness to support Apple Pay.
NFC payments are seeing a resurgence. Currently, the mobile payment field includes three main modes: NFC payment, QR code scanning, and card machine payments. While QR code payments have become a rising star in recent years, they have gained rapid market share compared to NFC. However, NFC requires more advanced devices and POS terminals, which are more costly than QR code solutions. Before Apple introduced NFC support, iOS devices lacked this feature, limiting its adoption, especially when Android dominated the NFC space.
With the introduction of Apple Pay in China, domestic NFC payments have experienced significant changes. Unlike the earlier NFC rollout, Android introduced HCE (Host Card Emulation), which removed the need for integrating NFC chips into SIM cards. This helped reduce the complexity of multiple participants and improved the ecosystem. UnionPay Cloud Flash Payment is a mobile payment solution based on NFC-HCE technology, and other banks like China Merchants Bank have also adopted similar approaches.
NFC payments don’t require opening an app or unlocking the phone. Simply holding the phone near a contactless POS terminal and confirming with a fingerprint completes the transaction faster than QR code scanning. However, before Apple enabled NFC, this feature was limited to Android devices.
Third-party payment platforms like Suning Finance are also exploring new technologies. Suning Yifubao, a third-party payment service, has signed agreements with Samsung Pay for in-store cooperation. Similarly, Quick Money has stated that it is ready to support Apple Pay on its POS terminals.
Alipay emphasizes that merchants’ needs go beyond just payments. With the internet, services like affiliate marketing and data-driven operations derived from transactions are becoming increasingly valuable. Alipay plans to leverage this by combining online and offline experiences using big data and the internet.
The entry of Apple Pay may reshape the mobile payment ecosystem. Although there are over 7 million contactless POS terminals nationwide, some insiders suggest this number represents only a small portion of the overall market.
Some third-party payment providers believe Apple Pay won’t significantly disrupt the current mobile payment landscape. They cite several reasons: the payment chain involves many parties, including manufacturers, issuers, acquirers, merchants, and UnionPay, requiring complex coordination. The cost and time needed for hardware upgrades limit coverage to large merchants, not small businesses. Additionally, merchants may face new costs and challenges in accepting Apple Pay. Even if they do, modern merchants seek more than just payment functions—they need marketing tools, consumer behavior insights, and location-based services. Finally, Apple Pay is limited to older models like the iPhone 6 and 6s, which have a smaller user base.
While some believe NFC may not overtake QR code payments, Apple Pay’s entry could help maintain UnionPay’s influence in the mobile payment market. Its impact will depend on how UnionPay and banks invest and cultivate the market in the future.
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