) just launched its new payment service in China to take on Alibaba's Alipay. Apple and China UnionPay Co., Ltd. announced the new partnership to bring Apple Pay to China on Friday. Apple shares are trading very vulnerable on Friday down 0.75 percent. Online payment transactions are booming in China. Alipay currently leads China's fast-growing online payments market. Alipay is Alibaba's crown jewel of the company's affiliate Ant Financial. The recent move is not only important for Apple Pay to compete with Alipay, but it is also significant for Apple, as the firm can now enter the online payments market in China, the world's second-largest economy. Apple Pay transforms mobile payments providing an easy, secure, and private payment option for consumers to China. With the new partnership, China UnionPay cardholders will be able to add their bank cards easily to Apple Pay on Apple Watch, iPhone, and iPad for everyday shopping. "The tie-up with UnionPay and leading local banks would help Apple Pay give Chinese shoppers a "convenient, private and secure payment" option," Eddy Cue, Apple's senior vice president of Internet software and services, commented. Apple will launch Apple Pay in China as early as 2016. Apple Pay will be able to roll out after it receives its certification and relevant tests required by Chinese regulators. The service is required to meet compliance with financial industry and the national mobile payment standards in China. Apple's stock plummeted Thursday after a strong open. The stock rebounded following its December lows on Tuesday. Shares of Alibaba Group ended in volatile trading for Thursday's session. Alibaba shares closed lower at 1.26 percent at $83.56 with 12,954,853 shares getting traded.