Apple teams with Ant Financial, banks for interest-free iPhone financing in China
Apple Inc has united up with Ant Financial Services Group and several local banks to offer interest-free financing. Apple hopes to revitalize sales in China, by the collaboration with Ant Financial which is the world’s largest financial-technology company.
It is its first such move in the country as it looks to boost waning smartphone sales. With this China website, apple comes with a new scheme in which the customers can pay 271 yuan ($40.31) monthly, for buying an iPhone XR and 362 yuan monthly for purchasing iPhone XS. The customers trading in old models can avail cheaper installments.
Interest-free financing schemes are offered for the customers who buys an Apple product worth a minimum of 4,000 yuan. They can pay the money with three, six, nine, 12 or 24 months, as the website says.
Ant Financial Services Group, formerly known as Alipay, is an affiliate company of the Chinese Alibaba Group. Ant Financial is the highest valued fintech company in the world, and the world’s most valuable unicorn (start-up) company, with a valuation of US$150 billion.
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