Apple Pay is reportedly being considered for introduction in India by Apple, as per recent reports. It has been revealed that discussions have been initiated by the Cupertino giant with the National Payments Corporation of India (NPCI) regarding the potential launch of Apple Pay in the country. It is stated that meetings were held between Tim Cook, CEO of Apple, and officials from HDFC Bank and the Reserve Bank of India (RBI) to address this matter. These meetings took place during the inauguration of Apple’s first-ever stores in Delhi and Mumbai.
Sources suggest that the plan involves the introduction of a service that would seamlessly integrate with the popular UPI interface. This implies that once implemented, users would be able to utilize their iPhones to make payments through unified UPI IDs and QR Codes. A reliable source has also disclosed the possibility of incorporating Face ID authentication and approval for transactions.
The intention behind Apple Pay’s potential arrival in India is evidently to directly compete with prominent players in the online payment space, such as PhonePe, GPay, and Paytm, and ideally surpass their market dominance. It is worth recalling that Samsung already provides payment services in India through Samsung Pay, along with a credit card offering. Consequently, Apple’s expansion into the Indian market would serve to bolster its presence in the country. Moreover, this strategic move indicates Apple’s growing affinity for India, potentially leading to the production of more iPhones in the country under the “Made in India” initiative.
Furthermore, this development suggests that the forthcoming launch of the Apple Pay credit card is on the horizon. Reports indicate that the card is expected to be issued in collaboration with HDFC Bank and will feature exclusive benefits and characteristics. In the United States, the Apple Card provides advantages such as daily cashback, fee waivers, and enhanced privacy features. Similar perks are anticipated for the Indian market as well. However, it remains unclear whether Apple PayLater, a deferred payment option, will be introduced in India.
The availability of an Apple Card in India would also streamline the process of renewing subscriptions for Apple products. Currently, this process proves cumbersome due to the absence of support for cards, with only UPI as the viable payment option following recent guidelines established by the RBI for payment aggregators (PA) and payment gateways (PG).
Although detailed information remains limited at present, further updates are expected in due course. Consequently, it is prudent to consider this as an evolving story and stay tuned to Beebom.com for the latest developments concerning Apple Pay’s potential launch in India.
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