Apple has been courting banks in China since last year, trying to get them on board with the company’s new payment system, but so far most of that work has proved fruitless. UnionPay, the only bank allowed to make interbank bank payments in China, has yet to sign up for Apple Pay, and talks with eight other banks have gone nowhere as well. In a country that’s eager for Apple products this is especially troubling. Why all the pushback? According to MarketWatch, Chinese banks believe Apple is simply asking too much money for its mobile payment transactions. [Read more…]