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Apple, the American technology giant, is reportedly engaged in discussions with local regulatory entities to launch its credit card service, Apple Pay, on the Indian market.
The intention of Apple to extend its payment services within the country is widely recognised. During his visit to India, Apple's CEO, Tim Cook, reportedly held meetings with the CEO of HDFC Bank, focusing on the prospects of jointly developing a credit card offering.
The company is reportedly having discussions with other major Indian banks and regulators, including the National Payments Corporation of India (NPCI), to achieve its goal. The aim is to smoothly integrate Apple Pay with NPCI's Rupay platform or Unified Payments Interface (UPI) by utilising the Rupay Credit Card. UPI is an extremely popular mobile payment solution in India developed by the NPCI.
Reports say that Apple wants to collaborate with NPCI to build a customised iteration of Apple Pay that is specifically designed for Indian consumers. This specialised version will enable users to conveniently scan QR codes and engage in UPI transactions without requiring the use of external third-party applications. Additionally, the company also wants to integrate its Face ID technology for secure transaction authentication.
Despite Apple's strong commitment, it faces stiff competition in the Indian mobile market from key competitors like Google and Samsung. According to Statista's report, Apple held a market share of approximately 3.54 per cent in the Indian mobile phone market for December 2022.
Not to mention, existing payment services like NPCI's BHIM, Google's GPay, Walmart's Phonepe, and Paytm have already established their presence in the country.