Apple is in talks with regulatory authorities and banks to launch Apple Card and Apple Pay in India. Although Apple has not yet made any final decision, it is seriously considering launching its payment service in India.
Apple also had a discussion with Indian authorities and RBI regarding Apple Pay and Apple Card. RBI advised Apple to follow the standard procedure for co-branded credit cards. During his visit to India in April, Apple CEO Tim Cook met with Sashidhar Jagdishan, HDFC Bank CEO and MD, to discuss the potential collaboration. This suggests that Apple Card could be launched in partnership with HDFC Bank.
As of Now, Apple Card is only available in India. It is a premium credit card launched in collaboration with Goldman Sachs and Mastercard. Apple Card offers up to 1% cashback if payment is made with a physical card and 2% cash back is paid via Apple Pay. Payments made to Apple Stores and selected partners offer 3% cash back. Apple also doesn’t charge foreign transactions free, returned payments fees, or annual credit card fees. There are also no late fees charges.
Sources familiar with the matter confirmed that Apple is working on a localized version of Apple Pay for the South Asian market. Apple Pay in India could be integrated with the UPI. So, users could use Apple Pay for making UPI payments y scanning QR codes. The Indian payments market is of significant magnitude, attracting the participation of numerous tech giants such as Amazon, Google, and Samsung, who have already made their foray into this sector.
Apple first discussed the possibility to launch its Payment services in India. Apple’s senior VP, Eddy Cue, confirmed in an interview in 2017 that the company would soon launch Apple Pay in India. But Apple never made any progress on this.
Apple has yet to make the final decision, so we cannot say anything about the launch timeline. India is a tiny market for Apple, but India’s digital payment market is big. UPI alone processed 9 Billion transactions worth Rs. 14 Lakh crore In May 2023. If Apple manages to get a considerable market share, it will be a big achievement for the company.
