TECH-BASED INNOVATION
China . It is expected that the charge fee is the main point of negotiation and once it is decided , the deal will be disclosed .
China is considered to be a booming market for electronic payments and this seems to be an ideal opportunity for the tech giant . However , it may have to go through several regulatory hurdles with this launch , as multiple government agencies are said to oversee banking and e-commerce sector in China .
The firm will face an entrenched competition in the new market that is dominated by multiple strong rivals . China Union Pay Co — a state-owned payment company — holds monopoly on debit and credit card payments processing . On the other hand , Alipay — Alibaba Group Holdings Ltd ’ s payment service , and WeChat — a subsidiary of Tencent Holdings Ltd — dominate the private sector .
Despite regularity hurdles and intense competition , China still remains an important market for Apple showing the fastest growth .
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