Apple is in talks to introduce its ‘Apple Card’ credit card and Apple Pay in India. Apple CEO Tim Cook discussed these plans with HDFC Bank’s CEO during his visit to India. The company is working on a version of Apple Pay specifically for the Indian market. This version would be integrated with the popular Unified Payments Interface (UPI) system. Allowing iPhone users in India to make payments by scanning QR codes. Also, Apple wants to expand into the financial services sector, following in the footsteps of Google, Amazon, and Samsung.
Apple will launch Apple Pay And Credit Card in India soon
Apple has been in discussions with Indian authorities and the Reserve Bank of India (RBI) about launching Apple Pay and the Apple Card in the country. The RBI has advised Apple to follow standard procedures for co-branded credit cards without any special considerations. Apple is also considering partnering with HDFC Bank to launch its co-branded credit card, but no final decision has been made yet.
India is not a major market for Apple currently. And the introduction of Apple Pay is unlikely to disrupt existing players. The UPI system, managed by the National Payments Corporation of India, already processes billions of transactions per month. And the majority of smartphones in India run on the Android operating system.
Launching the Apple Card in India comes with challenges due to regulatory requirements. Banks in India must have a prominent role in the card, and there are restrictions on storing customer and transaction data. Despite these challenges, the integration of the Apple Card with Apple Pay offers attractive benefits, including cashback rewards and interest-free installment options, which may appeal to Indian customers.
Apple has not yet made a final decision on its partners or the launch date for these services in India. It may take a few quarters before the services are officially available to Indian consumers.
