Apple to launch co-branded credit card in India?
- Apple is also reportedly in talks with the National Payments Corporation of India (NPCI) to possibly launch Apple Pay in the country, a third source told Moneycontrol.
- However, it is not clear whether these discussions are for the credit card powered by NPCI’s Rupay platform or for Unified Payments Interface (UPI).
- The edge of launching Rupay Credit Card is that it can also be linked with UPI.
- In India, only banks are allowed to issue credit cards.
The new development from Apple comes at a time when a significant number of payments are being made through mobile phones. Not only are Apple, Google, Amazon, and Samsung continuing to expand into the payments sector, they also have plans in the financial services space.
The companies have developed payment apps and are planning to make progress in this field. Apple has been in discussions with the Reserve Bank of India (RBI) regarding the details of the card, the report said. According to the sources, the regulator asked Apple to follow the regular procedure for co-branded credit cards, without offering any special consideration to the technology giant.
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