Apple has teamed up with China-based China Merchants Bank to create the new offers. Now, customers in China can pay for Apple product purchases (that cost between 30 and 30,000 Yuan) in installments of 1(?!), 3 ,6, 12, 18, or 24 months.
For the financing plans that are up to a year long (the first four plans listed), the customer will not be charged any interest. This is through January 23rd, according to Bloomberg. The 18 month plan has an interest rate of 6.5%, while the two year plan comes in at 8.5% interest.
China is a growingly important market for Apple, and this move will give Apple an even bigger push to China-based consumers. For example, Apple is still yet to make a deal with China’s largest carrier, China Mobile. China Mobile has a user base of 700 million users. If Apple gets 10% of China Mobile’s market, that is 70 million in $650 iPhones. That equals around $45 billion in revenue alone.
F-O-R-T-Y F-I-V-E B-I-L-L-I-O-N!