Apple Pay expected to arrive this week

Stocks of mobile payment related companies soared on Tuesday over speculation that Apple Inc will introduce its cash-free smartphone payment service to China this week.

Apple Pay, a new way of making purchases in retail stores that was developed by the United States smartphone maker, will boost the mobile payment business as local players like Xiaomi Corp and Alibaba Group Holding also roll out similar services.

The supposed launch date was leaked by the social media account of Guangzhou-based China Guangfa Bank on Tuesday. The bank said in a post on instant messaging app WeChat that Apple Pay will be available in the country by 5 am on Thursday. The message was later deleted.