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, in a statement. “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: Apple Inc.
I guess this is HUGE?
4.5 BILLION cards is a large addressable market, and Apple has just made it easier to spend their money thru / with apple. Indeed, hege.
Boom!
UnionPay works is on 1.2 billion ATMs around the world, which gives another perspective on the potential ‘reach’ of this agreement.
typo; that’s 1.2 million ATMS.
Indeed quite a typo 😃Mind you, it will be interesting how this will pan out with Apple Pay.
I just came back from a business trip in Shanghai. iPhones are EVERYWHERE in this city of 24 million people. Apple is right to put so much focus on China.
This is indeed a big deal, and ApplePay will be an even bigger deal when it hits China, especially if Apple can do a deal with Alibaba for online retail.