Apple makes EMI offer for buyers of iPhones and MacBook laptops in China

BEIJING: Apple introduced installment payment plans for buyers of iPhones and MacBook laptops in China as it struggles to compete with low-cost devices in the world’s largest computer and mobile-phone market. Payments on purchases costing from 300 yuan ($48) to 30,000 yuan made via the company’s Chinese website can be spread over as long as two years, according to the site.

The plan, which requires a China Merchants Bank credit card, has fees ranging from zero to 8.5%. Apple, based in Cupertino, California , is trying to make its products more affordable in China after being surpassed by local suppliers such as ZTE and Lenovo in the smartphone market. The iPhone 5, released in China last month, is priced at 5,288 yuan on Apple’s local site, equal to about six weeks’ pay for the average urban worker.

“There is an enormous mid-range consumer market that they are not tapping into,” said Mark Natkin, managing director of Marbridge Consulting , a Beijingbased market research firm. “They’re trying to figure out how to make products more accessible to that market segment . This is a good step in that direction.”

Online customers in China will be able to split payments into three, six, 12, 18 or 24 installments , according to Apple’s website . Through January 23, choosing 12 or fewer installments carries no fee.