Tech giant Apple is all set to bring Apple Credit Card & Apple Pay to India very soon. The company has been in talks with banks and regulatory authorities about introducing an ‘Apple Card’ credit card in India. Apple CEO Tim Cook visited India in April when he reportedly met HDFC Bank CEO and MS Sashidhar Jagdishan to discuss out these initiatives can be implemented.
Apple also plans to engage with Indian authorities and officials to introduce its payment service, Apple Pay in 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 integrate 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 part payment apps.
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Why is Apple interested in 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 advancements in this sector.
Apple’s Discussions with Indian Authorities & RBI
Apple has been engaging in discussions with Indian authorities and the RBI regarding the launch of Apple Pay and Apple Card. Reportedly RBI has 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 the launch of its co-branded credit card, Apple Card in partnership with HDFC Bank in the country. The discussions are at an early stage and no final decision has been taken yet. How far Apple is willing to deviate from the standard co-branded credit card model is still uncertain.
Importance of the Indian Market for Apple
India currently has a very small market for Apple and thus the introduction of Apple Pay might not have any significant impact on the existing players in the country. The UPI Platform already processes over 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 throws many challenges like a requirement for banks to take a prominent role in the card and restrictions on storing customer and transaction data.
Despite these restrictions, the integration of the Apple Card with Apple Pay and its benefits, including cashback rewards and interest-free installment options, make it an appealing proposition for Indian customers.
Apple Card & Apple Pay Launch Date
Apple has not made a final decision regarding its partners or the launch date for these services in India. The sources claim that the launch might be a few quarters away.
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