Apple is reportedly engaging with Indian authorities to bring Apple Pay to the country. Tim Cook, the CEO of Apple, is said to have met with HDFC Bank CEO and officials from the Reserve Bank of India during the launch of the first Apple Stores in Delhi and Mumbai.
The goal is to introduce Apple Pay as a seamless payment service integrated with the popular Unified Payments Interface (UPI) interface. This would allow iPhone users to make payments using UPI IDs and QR codes, potentially incorporating Face ID authentication.
Apple Pay’s entry into the Indian market is seen as a direct challenge to established players like PhonePe, Google Pay, and Paytm. With this move, Apple aims to expand its presence in India and potentially increase local iPhone production.
The launch of Apple Pay in India also suggests the arrival of the Apple Pay credit card, which is likely to be a co-branded offering in partnership with HDFC Bank. The Indian version is expected to provide exclusive perks, including daily cashback, fee waivers, and privacy features, similar to the US Apple Card. The availability of Apple PayLater in India, however, remains uncertain.
The introduction of an Apple Card in India could simplify subscription renewals for Apple products, addressing the challenges posed by the RBI’s payment guidelines.
