Will Apple Pay launch in China in time for Chinese New Year?

Chinese iPhone payments to take off

Apple Pay's quest for global domination continues. Following successful launches in the US and the UK, the company recently expanded to Australia and Canada through a partnership with American Express.

And now, it appears the next big conquest is China, with the Wall Street Journal reporting today that the Cupertino company has inked deals with four of the major state-run banks to launch Apple Pay early next year.

That said, it's not quite a done deal, with sources reporting that the deal could still have to jump regulatory hurdles before Chinese iPhone users can tap their phones to pay for stuff.

Just like in other markets, the amount Apple receives from each transaction is also a bit of a sticking point in the negotiations.

Still, Apple is reportedly hoping to launch the service in time for the Chinese Spring Festival on February 8 next year.

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