Apple teams with Ant Financial, banks for interest-free iPhone financing in China

The 64GB versions of iPhone’s XR and XS models sell at official sticker prices of 6,499 yuan and 8,699, respectively

Apple Inc has teamed up with Chinese payments giant Ant Financial Services Group and several local banks to offer interest-free financing, its first such move in the country as it looks to boost waning smartphone sales.

The United States (US) tech behemoth issued a rare revenue warning last month citing weaker iPhone sales in China, one of its most important markets, where consumer spending has taken a hit due to a slowdown in economic growth.

On its China website, Apple is promoting the new scheme, under which customers can pay 271 yuan ($40.31) each month to purchase an iPhone XR, and 362 yuan each month for an iPhone XS.