Apple Allows App Store Payments in Chinese Yuan

Apple has finally decided to allow customers from the largest internet market in the world to use their own currency (the Chinese Yuan) to buy software for their iPhones, iPads and iPods from the App Store.

Up till now Chinese customers had required a credit card using a different currency, which caused many to look for alternative avenues for acquiring apps.

The new option was announced last Friday and, according to an Apple China spokesperson, the novelty will be good news for Chinese app developers and Apple fans. The move is also in line with Apple's strategy to more fully exploit its popularity in the Chinese market.

China, which is already Apple's second largest market in terms of revenue, is also one of the fastest growing; the full potential of this market remains untapped, with analysts observing that iPhones are still unavailable with 78% of Asian carriers.

China has more than 500 million internet users, and many of them are fervent Apple enthusiasts, whether they can actually afford an Apple device or not. This has given rise to a burgeoning counterfeit industry for not only fake Apple devices but also various websites where users can find and download pirated free apps.

So Apple's recent move to allow payment for apps using Yuan, although a little late, could boost the company's revenue significantly.