In India, Apple is said to be in talks with banks and regulatory authorities about introducing its ‘Apple Card’ credit card. Sashidhar Jagdishan, CEO and MD of HDFC Bank met with Tim Cook during his April visit to India.
Additionally, Apple Pay has reportedly been discussed with Indian authorities and officials regarding its introduction to the South Asian market.
Apple Pay:
Apple is working on a South Asian-specific version of Apple Pay, according to sources familiar with the matter. The system would be integrated with the Unified Payments Interface (UPI), which is popular in the region and operated by the National Payments Corporation of India (NPCI). iPhone users in India will be able to initiate UPI transactions using QR codes, eliminating the need for third-party apps.
There have been discussions between Apple and Indian authorities and the Reserve Bank of India (RBI) regarding the launch of Apple Pay and Apple Card. Apple has been advised by the RBI to follow the standard procedure for co-branded credit cards, without any special considerations.
Apple Credit Card:
Apple is considering launching its co-branded credit card, Apple Card, in partnership with HDFC Bank in India in addition to Apple Pay. A final decision has not yet been reached, but the discussions are still in their early stages. Apple’s willingness to depart from the standard co-branded credit card model remains unclear.
In India, Apple is exploring the possibility of launching its credit card, the Apple Card. A number of regulatory challenges exist in the country. The requirement that banks take a prominent role in the card and restrictions regarding data storage.
The Apple Card is still an attractive proposition for Indians due to its integration with Apple Pay and its benefits. It also includes cashback rewards and interest-free installments.
