Apple is decidedly not sticking to just one option when it comes to potentially boosting iPhone sales in China.
While it has already been reported that reducing the price of some iPhone models has helped to revitalize sales in the region, it’s not enough. As a result, Apple is trying another option. According to a report from The Wall Street Journal this week, Apple is looking to partner with Alipay to offer a range of financing options for new iPhone purchases to customers in China.
“Apple and Alipay, a popular Chinese mobile-payments network owned by Jack Ma’s Ant Financial Services Group, this week informed customers that they could borrow money at no cost to buy products on Apple’s online store and pay for the devices in monthly installments over 24 months.”
These are interest-free loans for approved customers. It will be available to customers who are buying a new iPhone through Apple’s online store in the region. There is a minimum amount of money a customer would need to spend to be considered for the new financing option, which is 4,000 yuan (about $595 USD). So as long as the new iPhone costs that much or more, the financing could be approved.
And if a customer is approved, they could be paying as little as $30 per month for a new iPhone. Apple recently launched a similar program in Australia. In that case, the interest-free loan has a minimum purchase price of $1,000 AUD.
Apple recently confirmed that it would be extending its iPhone trade-in program, which is offering specialized pricing on the iPhone XR for specific iPhone model trade-ins. That program is running until March 25 now.