Apple Pay to launch in China despite stiff competition in mobile payment

Apple enters a market dominated by China's two biggest internet companies, Alibaba and Tencent, in country where 358 million people pay by mobile phone

Apple's Apple Pay mobile payment system will be available in China from 18 February for Industrial and Commercial Bank of China (ICBC) customers, bank representatives said in social media posts on Tuesday.

The technology giant had previously said the system would launch in China in early 2016, making it Apple Pay's fifth country as it accelerates development of a planned new revenue stream. ICBC is China's biggest lender by assets.