China to get Apple Pay by February: WSJ

China will get Apple Pay soon

Apple will launch its Apple Pay electronic payment service in China by early February, after doing deals with the country's four largest state-run banks, the Wall Street Journal reported.

According to the WSJ, the bank deals will allow China-based Apple Pay users to link the service to their local bank accounts.

But the service could still face a number of regulatory hurdles, the report added. The WSJ wrote that it was unclear how much Apple would charge for purchases made through Apple Pay.

Apple launched the mobile payment and digital wallet service in September 2014. It is currently available in the U.S. Canada, Australia and the U.K. In China Apple Pay's main competitors will be Alipay, an electronic payment platform owned by Alibaba affiliate Ant Financial, and UnionPay, a state-owned yuan payment card service.

To read the full WSJ report, click here.