Apple In Talks To Launch Credit Card, Apple Pay In India: Report

Apple aims to launch its own credit card in India. The tech giant is also in talks to launch Apple Pay in the country.

Apple has set its sights on India’s financial sector. As per reports, the tech giant is set to launch its own credit card in India known as the “Apple Card”. Apple CEO Tim Cook met with HDFC Bank CEO and Managing Director Sashidhar Jagdishan for the matter during his India visit in April, MoneyControl reported. The talks regarding the Apple Card are currently in the early stages, and no definite decisions have been made yet. Apple has also introduced its credit card in the United States in collaboration with Goldman Sachs, an American multinational investment bank and financial services company.

In the US, the Apple card does not have annual fees. It is integrated with Apple Pay. The card offers around 3-5 percent cashback on purchase of Apple products and services.

Apple’s Discussions With NPCI

According to a source cited by Moneycontrol, National Payments Corporation of India (NPCI) is in discussions with the tech giant regarding the potential launch of Apple Pay in the country.

Apple In The Indian Market

This is a significant market opportunity for Apple to tap into a consumer base that is increasingly seeking digital payments. Moreover, Apple has witnessed successful business operations in India over the past few years, as reflected in its total revenue of Rs 50,000 crore for the financial year 2023. Considering this, it is being speculated that the company will gain a significant foothold in the country if transactions are conducted through Apple Card.

Apple’s recent move comes amidst a growing trend of mobile phone payments. It’s not just Apple; other major players such as Google, Amazon, and Samsung are also reportedly seeking to expand their presence in the digital payments sector.

These companies have created payment applications and are aiming to make significant progress in this domain. As per the report, Apple is engaged in discussions with the Reserve Bank of India (RBI) regarding the specifics of the card. The sources mentioned that the regulatory authority has instructed Apple to adhere to the standard procedures applicable to co-branded credit cards, without granting any special privileges to the technology giant.