Apple now accepting China UnionPay as payment option for Chinese App Store users
As of Sunday, Apple's Chinese App Store -- now the second largest in the world -- accepts payments from China UnionPay, the country's only bank card organization and issuers of the most popular cards in China.
With the new payment option, Chinese customers holding UnionPay accounts can now purchase apps through Apple's App Store. China UnionPay is responsible for China's inter-bank clearing and settlement system and has issued more than 4.5 billion UnionPay Cards to customers in China and beyond, Apple said in its announcement.
"The ability to buy apps and make purchases using UnionPay cards has been one of the most requested features from our customers in China," said Apple SVP of Internet Software and Services Eddy Cue. "China is already our second largest market for app downloads, and now we're providing users with an incredibly convenient way to purchase their favorite apps with just one-tap."
UnionPay Cards are currently accepted in over 140 countries with issuance in over 30 countries, according to the company's website. As one the most-used cards in China, UnionPay's network extends to all cities and rural areas in the country, Apple said.
The move comes three years after Apple first launched its online retail and App Store presence in 2010. During the intervening years, China has become one of Apple's most important operating areas and a vital area for future growth.
For the most recent fourth fiscal quarter, Greater China generated over $29.8 billion in net sales -- up 17 percent year-over-year -- placing it third behind the U.S. and Europe.
With the new payment option, Chinese customers holding UnionPay accounts can now purchase apps through Apple's App Store. China UnionPay is responsible for China's inter-bank clearing and settlement system and has issued more than 4.5 billion UnionPay Cards to customers in China and beyond, Apple said in its announcement.
"The ability to buy apps and make purchases using UnionPay cards has been one of the most requested features from our customers in China," said Apple SVP of Internet Software and Services Eddy Cue. "China is already our second largest market for app downloads, and now we're providing users with an incredibly convenient way to purchase their favorite apps with just one-tap."
UnionPay Cards are currently accepted in over 140 countries with issuance in over 30 countries, according to the company's website. As one the most-used cards in China, UnionPay's network extends to all cities and rural areas in the country, Apple said.
The move comes three years after Apple first launched its online retail and App Store presence in 2010. During the intervening years, China has become one of Apple's most important operating areas and a vital area for future growth.
For the most recent fourth fiscal quarter, Greater China generated over $29.8 billion in net sales -- up 17 percent year-over-year -- placing it third behind the U.S. and Europe.
Comments
Whelp, add another couple billion to next quarters financial results.
LOL, idk about that much, but it's bound to be a good thing.
Another category is always a good thing for Apple to get into.
Who else would even attempt this? Could there ever be HTC Pay? LG Pay?
Because China.
I fully expect another healthy AAPL stock jump tomorrow based (in part) on this news.
Good news doesn't necessarily translate into a share price jump for Apple. I'm sure it will generate dozens of articles about how the analysts see no real boost in revenue and downplay this whole payment option. Wall Street still believes Apple's presence in China is weak due to low market share so they'll focus on Xiaomi and Hauwei with their low- and mid-range smartphones beating Apple's iPhone to death. I'm curious to know if Android has any of these mobile pay options. Apple getting this payment option could conceivably open up a path for Android mobile payments. Google can simply sit back and let Apple do all the legwork and then Android will enjoy the same benefits without lifting a finger. Riding Apple's coattails so to speak. I'll feel a lot happier when I hear a union between Alibaba and Apple using Apple Pay. But again, I'm not expecting any immediate share price gains for any of that. The news media will simply put up more articles about the iPads loss of sales and market share to put a damper on any possible Apple gains.
Yep. US corruption is "amateur hour" compared to Chinese corruption.
The government needed to make sure they get their shares...
Yep. US corruption is "amateur hour" compared to Chinese corruption.
It's so institutionalized over there, is it even considered corruption by the Chinese? Or just business as usual?