BEIJING--Apple Inc. seeks by early February to launch its new Apple Pay electronic-payment service in China--a vibrant but fiercely competitive market for digital money--according to people familiar with its discussions.

The Cupertino, Calif., company AAPL, -4.19% has struck deals recently with China’s big four state-run banks, the people said, by which potential Apple Pay users could link the service with their local bank accounts.