iPhone 4 Sales Triple in India Due to Buyback Promotion

iPhone 4 sales have reportedly tripled in India thanks to a new buyback promotion being offered by Apple, reports Times of India. The company is giving customers a discount of at least Rs 7,000 in exchange for any smartphone.

Leading multi-brand retail chains like The Mobile Store, Future Group's eZone, Next Retail and Reliance Digital, which together have run more than 1,100 stores, said the iPhone 4 has become one of the top three selling handsets by value, along with Samsung's Galaxy Grand and Note II. While executives in these chains refused to share specific sales data, they said iPhone 4 sales have shot up three times since the exchange offer was unveiled last week.

Customers trading in a smartphone for the iPhone 4 will get at least a discount of Rs 7,000. If their phone is valued higher than Rs 7,000 on the used phone market, they will get that value. Retailers are being credited Rs 5,000 by Apple and can pocket the money earned by selling the old phone.

The campaign's success shows why it's likely Apple is working on a low cost iPhone to address emerging markets such as India.