Apple’s App Store is About to Rake In a TON of Chinese Money

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Last night, Apple made the decision to add China UnionPay to the App Store as a payment option, making it even easier for Apple to gobble up money from Chinese citizens.

For Chinese consumers, making purchases in the App Store was once a complicated process of opening up an account, linking a bank, setting up a password and then depositing at least $8. With China UnionPay, consumers can now make simple one-tap purchases in the App Store. Quartz reports that China UnionPay is state-run and has a virtual monopoly on processing transactions between merchants, banks and credit card companies.

This move comes after months of Apple negotiating the roll-out of Apple Pay in China, which the Chinese government has mixed feelings on. While Apple would have preferred a pure launch of Apple Pay, China Union Pay will still give the App Store a sizable boost in sales in the Chinese market. As they say, if you can’t beat ’em, join ’em.

Here is Apple’s official release of the news:

BEIJING—November 17, 2014—Apple® today announced that the App Store℠ has added UnionPay as a payment option for customers in China. China UnionPay is the most popular payment card in China and will provide App Store customers with a simple and more convenient way to purchase their favorite apps. Customers can easily link their Apple ID with a UnionPay debit or credit card for one-tap purchases.

“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 Eddy Cue, Apple’s senior vice president of Internet Software and Services. “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 a bankcard network, China UnionPay operates China’s national inter-bank clearing and settlement system, develops the worldwide UnionPay Card acceptance network, promotes the issuance and usage of the UnionPay Card as well as other innovative payment solutions, so as to provide quality, efficient and safe payment services to cardholders. To date, the total number of UnionPay Cards issued both at home and abroad has exceeded 4.5 billion. The UnionPay network has been extended to all cities and rural areas in China. In addition, China UnionPay has enabled UnionPay Card acceptance in over 140 countries and regions through extensive cooperation with more than 400 institutions around the world. Additional information may be found at: www.unionpay.com.

 

Source: Business Insider Image via CultofMac

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