The two big announcements from Apple Headquarters state the introduction of a credit card and a payment app for Apple to be launched in India. In a move aimed at further expanding its financial services ecosystem, tech giant Apple has joined forces with HDFC Bank, one of India’s leading private sector banks, to introduce a new credit card to the market. Simultaneously, Apple is in discussions with the National Payments Corporation of India (NPCI) to explore the integration of Apple Pay, its digital payment platform, into the Indian market.
The partnership between Apple and HDFC Bank aims to deliver an exceptional customer experience through the launch of a co-branded credit card. With HDFC Bank’s extensive expertise in the banking sector and Apple’s commitment to seamless technology integration, the credit card is poised to revolutionize the way users manage their finances.
According to sources, During the launch of Apple stores in India, CEO Tim Cook met with HDFC Bank CEO and MD Sashidhar Jagdishan in April, anonymous sources told the business website. According to a report by Moneycontrol, the talks regarding the Apple Card are currently in their early stages, and no definitive decisions have been made thus far. In addition to engaging in discussions with the CEO of HDFC Bank, Apple Inc executives have also been in conversation with the Reserve Bank of India (RBI) to address the legal aspects associated with the card.
Apple has had discussions with the Reserve Bank of India (RBI) on the modalities of the card, the report said. According to the sources, the regulator has asked Apple to follow the regular procedure for co-branded credit cards, without offering any special consideration for the tech giant.
According to an additional source cited by Moneycontrol, the technology giant is in talks with the National Payments Corporation of India (NPCI) to explore the potential launch of Apple Pay in the country. The exact nature of these discussions remains unclear, whether they involve the integration of Apple’s credit card with NPCI’s Rupay platform or pertain to the Unified Payments Interface (UPI).
One advantage of introducing a Rupay Credit Card is its compatibility with UPI, enabling customers to make quick and convenient payments by scanning QR codes using their mobile phones. It is worth noting that, in India, only banks are permitted to issue credit cards.
In addition to Apple, other tech giants such as Google, Amazon, and Samsung are reportedly showing interest in venturing into the payments sector and have aspirations to expand their presence in the financial services domain.
