Apple teams up with China's WeChat to accept payments

Beijing: Following an agreement between Apple and Chinese company Tencent, the US-based company will allow payments through WeChat, one of the most popular payment systems in China, for its App Store and Apple Music.

The agreement, signed on Tuesday, will allow Apple users to buy applications and stream music online using the link between the accounts on Apple`s App Store and WeChat, owned by Tencent.

"Apple will continue to be committed to offer customers across its ecosystem a variety of payment options that are simple and convenient," Efe quoted an Apple spokesperson as saying.

The agreement will allow Apple to increase its service revenues and offset a drop in iPhone and iPad sales in the last few quarters in China.

Around 963 million people worldwide use WeChat -- an instant messaging application similar to WhatsApp but with a wider range of services, including a payment platform.

Mobile payment is becoming increasingly popular in China. Around 40 per cent of Chinese consumers use new payment methods, mostly on two leading platforms, Alipay and WeChat, for online as well as traditional shopping.