Today Apple announced that iTunes users now have the ability to gift apps to one another. The process is exactly the same as gifting a song. You must use your credit card on the account and cannot use gift cards or any other types of promotional payment to gift apps.
In order for the feature to be activated, you must sign into your iTunes account and accept the new terms policy. All you have to do is click the ‘gift app’ button as shown in the screenshots above (before and after agreeing to the new terms of the deal).
From Apple:
The changes we have made to the terms and conditions include the following:
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