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I have designed an application which contains in App purchasing. I have also read about Volume Purchasing introduced by Apple recently. I want to know if there is Volume Purchasing for In App purchases?
No, Volume Purchasing just applies to buying the the app.
http://images.apple.com/business/docs/VPP_Business_Guide_US.pdf
http://www.apple.com/itunes/education/
http://developer.apple.com/programs/ios/opportunities/