Tag Archives: debit

Business/Economics, International, Technology, U.S.

Global Economic War: Apple now takes the Chinese Yuan, over the U.S. Dollar. Chinese buyers dominate the internet!

“The service has been there since last Friday. It’s really good news for our customers and local application developers.”-Apple China statement

California based Apple Incorporated decided to accept the Chinese yuan (aka Renminbi, or RMB) in an unannounced move last week. One reason is that China is now the world’s biggest internet market!!!

The App Store will now accept yuan credit and debit cards issued by more than 20 Chinese banks.  Another reason for the move is that many Chinese customers using credit and debit cards issued from outside China, were getting their info ripped off.

Apple’s fiscal 4th quarter revenues from China hit $4.5 billion. Their U.S. operations had more revenue, but revenue from China is growing so fast it will soon pass up the revenues made in the U.S.

Technology

Russia to Create Multi-Use Cards: ID, passport, debit, insurance all in one

President Medvedev has ordered the creation of a multi-use card, that will act as ID, passport, insurance, drivers license and debit card.

The cards will contain micro-chips.  It’s part of a plan for a “…better digital culture…”.  A new national payment system will be created, so people can use the IDs for bill payments.

The system could cost Russia $5 billion, and it’s hoped to get it up and running by January 2012.