Apple's mobile wallet payment system - Apple Pay - has already launched in many parts of the world and now the service is poised to be pushed out in China next year.

Come February 2016, per a Wall Street Journal (WSJ) report, Apple will reportedly introduce Apple Pay in China. The publication cites sources who are familiar with the Cupertino company's plans.

"Apple Inc. plans to launch its new Apple Pay electronic-payment service in China by early February, according to people familiar with its discussions, potentially bringing it to a vibrant but fiercely competitive market for digital money," reports the WSJ.

Earlier in September, we reported that Apple was attempting to make inroads into China with its Apple Pay service. Apple had allegedly registered Apple Technology Service (Shanghai) Ltd., in the Shanghai free trade zone in June 2015.

Apple has now reportedly struck a deal with four major state-run banks in China per the WSJ. This partnership will enable prospective Chinese users of Apple Pay to connect the mobile payment service with their bank accounts.

However, per the publication's sources, Apple's efforts to introduce the service in China may be met with regulatory barriers as government agencies supervise e-commerce, as well as banking in the country.

Nevertheless, Apple is optimistic of getting the desired approvals and aspires to introduce Apple Pay in China prior to the start of the country's Spring Festival holiday i.e. Feb. 8.

At this juncture it is unclear what Apple would be charging for the purchases that will be made via its Apple Pay service in China. In the U.S, the company apparently gets 0.5 cent for each transaction made via a debit card and 0.15 percent of all the credit card transactions.

It is believed that the amount Apple would be charging for the transactions are the bone of contention in the ongoing negotiations.

Two of the major four banks Apple is said to be striking a deal with, are Industrial & Commercial Bank of China Ltd and China Construction Bank Ltd. However, spokespeople for these banks have chosen to stay mum on the matter. The other two major banks said to be on Apple's radar for Apple Pay are presumed to be the Bank of China Ltd. and Agricultural Bank of China Ltd.

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