Tech giant Apple is all set to bring Apple Credit Card & Apple Pay to India soon. The company was in discussions with banks and regulatory authorities regarding the introduction of ‘Apple Card’ credit card in India. Apple CEO Tim Cook visited India in April when he met HDFC Bank CEO and MS Sashidhar Jagdishan to discuss the implementation of these initiatives.
Apple also plans to approach Indian authorities and officials to introduce its payment service, Apple Pay in the South Asian Market.
About Apple Pay
Sources claim that Apple will introduce a localized version of Apple Pay designed for the South Asian Market. It will be integrated with Unified Payments Interface (UPI), which is a popular payments system in India managed by the National Payments Corporation of India (NPCI). Apple wants to enable iPhone users in India to initiate UPI transactions by scanning QR codes, eliminating the need for 3rd partial payment apps.
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Why is Apple interested in the Indian Payments Sector?
Apple is interested in the Indian Payments market because of the growing trend of mobile-based payments. Along with giants like Google, Amazon, and Samsung, Apple is actively pursuing expansion into the financial services space. These companies have made payment apps and are making progress in this sector.
Apple talks with Indian Authorities & RBI
Apple is in discussions with Indian authorities and the RBI regarding the launch of Apple Pay and Apple Card. RBI has reportedly asked Apple to follow the standard procedure for co-branded credit cards, without offering any kind of special considerations.
Partnership with HDFC Bank
In addition to Apple Pay, Apple is considering launching its co-branded credit card, Apple Card in partnership with HDFC Bank in the country. The talks are at an early stage and no final decision has been made yet. It remains uncertain how far Apple is willing to deviate from the standard co-branded credit card model.
Importance of Indian Market for Apple
India is currently a very small market for Apple so the introduction of Apple Pay might not have a significant impact on the existing players in the country. The UPI Platform already processes more than 8 billion transactions per month, with more than 90% of smartphones in India running on the Android operating system.
Benefits of Apple Card in India
Apple is exploring the launch of its credit card, Apple Card in India. However, the country’s regulatory landscape faces many challenges, such as the requirement for banks to play a significant role in the card and restrictions on customer and transaction data storage.
Despite these limitations, the Apple Card’s integration with Apple Pay and its benefits, including cashback rewards and interest-free installment options, make it an attractive proposition for Indian customers.
Apple Card & Apple Pay Launch Date
Apple has not made a final decision about its partners or the launch date of these services in India. The sources claim that the launch could be a few quarters away.
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