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How China’s Payments Firewall Crashed the American Dream

China has one of the most hostile environments for foreign entrants and Apple Pay coming to Hong Kong may become another lesson for bold Western companies trying to get into the big game with advanced competitors on the mainland (just like Uber’s two-year-$2-billion lesson, or Groupon’s miserable failure in the country).

The contactless payments industry in China is heavily dominated by local – originally non-payment – companies with extremely deep pockets to firmly root their position. Nevertheless, the competition for vast consumer base is increasingly intensifying. A little earlier this month, Xiaomi, one of the largest smartphone vendors in China, holding

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