Apple Now Takes Chinese Currency for Apps

It welcomes the yuan, and a huge new market
By Dustin Lushing,  Newser Staff
Posted Nov 18, 2011 5:09 PM CST
A woman carries her newly purchased iPhone 4S as she leaves the Apple store in Hong Kong on October 14, 2011.   (Getty Images)
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(Newser) – iPhone, iPod, and iPad apps can now be paid for with Chinese yuan. Customers of more than 20 Chinese banks are now able to use the yuan to purchase apps for their Apple devices, while previously they were required to use a dual-currency credit card—an obstacle that encouraged many users to hack their phones instead. Apple's welcoming of the Chinese currency signals a wider expansion of the tech company into the enormous growth market of China, reports the Wall Street Journal.

In October, CEO Tim Cook described the areas of mainland China, Taiwan, and Hong Kong as the company's "fastest growing major region by far," comprising 16% of last quarter's revenue. Millions more apps are likely to be sold now that the yuan is accepted, notes a Beijing-based consultant. Although none of them will feature the Dalai Lama—those are banned in China's version of the App Store.

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