According to reports, Apple plans to meet with Indian authorities and government officials, including the National Payments Corporation of India (NPCI).
Apple Pay Launch with UPI Apps: Apple fans in India will be pleased to hear that the Cupertino tech behemoth plans to launch its payment service, Apple Pay, in the country. According to reports, Apple plans to meet with Indian authorities and government officials, including the National Payments Corporation of India (NPCI).
Currently, Walmart’s PhonePe, Google’s GPay, and Paytm dominate the market. Apple is currently developing a localised version of Apple Pay that is compatible with the Unified Payments Interface (UPI). This will enable iPhone users in India to scan QR codes and conduct UPI transactions directly, without the need for a payment service provider (PSP) application.
According to a report by Moneycontrol, Apple is also in discussions with Indian institutions to launch Apple Card. During his April trip to India, Apple CEO Tim Cook reportedly met with HDFC Bank CEO and MD Sashidhar Jagdishan to discuss the likelihood of introducing the credit card alongside Apple Pay.
Face ID integration for UPI authentication on iPhones would potentially add an additional layer of security to transactions, as proposed by the company. Apple is exploring the possibility of launching its Apple Card in India as a co-branded credit card with HDFC Bank, according to a separate report.
The iPhone manufacturer is also said to have held discussions with the Reserve Bank of India (RBI) regarding the “modalities” of the card. Reportedly, the regulator has requested that Apple adhere to the standard procedure for co-branded credit cards, with no special considerations for the company.
The Apple Card was introduced exclusively in the United States in August 2019 and has remained a U.S.-only product. Nevertheless, there are rumours that Apple is considering introducing the Apple Card in India before Japan or Europe.
“This decision may be affected by the fact that Apple does not accept card payments in India at the moment. As a result of regulations prohibiting third-party websites from storing credit card information on their platforms, the majority of App Store purchases in the United States are facilitated by the national Unified Payments Interface (UPI).”
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