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  1. Akshay Masand's Avatar

    Apple’s Chinese App Store, which is now the second largest in the world, recently started accepting payments from China UnionPay which is the country’s only bank card organization and issuers of the most popular cards in China. With this new payment option, Chinese customers holding UnionPay accounts now make purchases in the App Store. For those of you who didn’t know, 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 according to Apple.

    Apple SVP of Internet Software and Services, Eddy Cue, had the following to say regarding the matter:

    The ability to buy apps and make purchases using UnionPay cards has been one of the most requested features from our customers in China. 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.
    As of right now, UnionPay Cards are currently accepted in over 140 countries with issuance in over 30 countries. They also happen to be one of the most-used cards in China and the network extends to all cities and rural areas in the country.

    This particular move comes roughly three years after Apple originally launched its online retail and App Store presence in 2010. Throughout this time, China has ended up becoming one of Apple’s most important operating areas and a vital area for future growth. To provide some statistics behind the claim, for the most recent fourth fiscal quarter, Greater China ended up generating over $29.8 billion in net sales, which was up 17% year-over-year, placing it third behind the US and Europe.

    This move should definitely bode well for Apple’s future growth.

    Source: Apple
    Last edited by Akshay Masand; 2014-11-17 at 04:09 PM.

    Twitter: @AkshayMasand
    2014-11-17 04:07 PM