In reality, this just makes it easier for Apple users in China to pay for their software applications for iPhone, iPads and iPods. App consumers who bank in China can now make their payments to an App Store account to buy games and other downloads. Previously, they had to convert their yuan to dollars, a formidable task in China where the currency exchange is government controlled.Apple’s revenue from mainland China rose to a little more than $13 billion. This accounts for about 12% of Apple’s overall business. China is the kingpin of Apple’s manufacturing. Nearly all of its iPhones and other gadgets are assembled in Chinese factories and then shipped worldwide.Google Android Update
Apple is likely to use the yuan to pay its employees and suppliers in China. Apple hopes to sell millions more Apps in China through its App Store because of the change. Apple ranks #4 for the time being in smart-phones sold in China at almost 22 million in the third quarter of 2011.According to ABI Research, the current market leaders in mobile wallets have strong competition succeeding to take their market share. The current leaders in mobile wallets are Verizon Wireless, AT&T, and Vodafone.Mobile wallets include any system that a consumer uses to pay for goods with a smart-phone. Many mobile wallets use near-field communications (NFC) technology. Isis won’t launch until 2012 and is an joint venture with AT&T, Verizon and T-Mobile.ABI Research expects mobile wallet users to grow in number to 594 million by 2016. It expects that the cell-phone carriers and Google, Apple, Microsoft, and Research in Motion will inundate the mobile wallet market with NFC-capable mobile phones in the United States, Western Europe, Japan and South Korea.Google Wallet currently lets users in San Francisco and New York City purchase and pay for goods at retailers such as Macy’s and Toys R UApple, which has yet to officially launch a mobile wallet services, is rumored to be readying its phones with payment-making NFC sensors and software in 2012.