The Apple Pay service is being backed by 19 Chinese banks and China UnionPay. Photo: Reuters

Caught between an iPhone and Alipay: Will Apple’s gamble on China pay off as Apple Pay reaches mainland tomorrow?

Alibaba’s Alipay and Tencent’s Tenpay dominate the mobile payments market in China, with Alipay accounting for 70 per cent of the mainland market

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The Apple Pay service is being backed by 19 Chinese banks and China UnionPay. Photo: Reuters
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