It's being reported that Apple is planning to launch its mobile payment system 'Apple Pay' in China by early February.

据报道，苹果计划于明年2月初在中国发布其移动支付系统“Apple Pay”。

Apple has reportedly reached a deal with China's big four State-run banks to roll out the payment system.

When it's launched, Apple Pay will mainly compete with state-controlled UnionPay and Alibaba's online payment platform Alipay.

Apple Pay was launched in the United States in October last year.

It is said that Apple gets 0.15 percent of all credit card transactions and 0.5 cents per debit transaction in the United States.

Apple then brought Apple Pay to the UK in July to capitalize on the increasing number of mobile online transactions.