In a noteworthy development, Apple is making significant strides toward introducing its payment services in the Asia Pacific region. Recent information suggests that the tech giant from Cupertino is actively engaging with Indian authorities and officials to bring Apple Pay to India following the successful establishment of its first retail stores. Find out more about this exciting development by reading on.
Apple Pay’s Impending Arrival in India
TechCrunch reports that Apple has initiated discussions with NPCI about introducing Apple Pay in the Indian market. Sources indicate that Tim Cook, Apple’s CEO, met with the CEO of HDFC Bank and RBI officials to discuss this issue. These meetings took place during Cook’s visit to inaugurate the opening of Apple’s maiden stores in Delhi and Mumbai.
The objective is to launch a service that seamlessly integrates with the widely adopted UPI interface. It means that upon its launch, iPhone users can conveniently make payments using unified UPI IDs and QR Codes. A trusted source has also disclosed to TechCrunch the possibility of incorporating Face ID authentication and transaction approval.
Challenging Dominance and Expanding Presence
Apple, through the introduction of Apple Pay, aims to directly challenge and potentially surpass the dominance of PhonePe, GPay, and Paytm in the online payment landscape. In India, Samsung already offers its payment services, Samsung Pay, and even a credit card. Apple’s foray into this market will further expand its presence in the country. Additionally, this move signifies Apple’s growing affinity towards India, potentially leading to increased production of iPhones in the country.
Furthermore, the imminent launch of the Apple Pay credit card is on the horizon. Reports suggest it will be an HDFC-branded credit card, offering exclusive benefits and features. Similar to the Apple Card in the United States, it is expected to provide advantages such as daily cashback, fee waivers, and enhanced privacy features. These perks are likely to be extended to Indian customers as well. However, it remains to be seen whether Apple PayLater, a feature available in some regions, will be introduced in India.
Streamlining Subscription Renewals
The introduction of an Apple Card in India will streamline the process of renewing subscriptions for Apple products, which is currently cumbersome due to the lack of card support and reliance solely on UPI, following recent guidelines issued by the RBI for payment aggregators (PA) and payment gateways (PG).
While comprehensive details are currently scarce, it is anticipated that more information will emerge over time. Therefore, this development should be regarded as an ongoing story, and readers are encouraged to stay updated with the latest developments on Apple Pay in India by visiting TechFoogle.com. In the meantime, we invite you to share your thoughts on the potential arrival of Apple Pay in India in the comments section below.
