Apple is creating a localised model of Apple Pay.
Currently, the market is dominated by Walmart’s PhonePe, Google’s GPay, and Paytm. Now, Apple is creating a localised model of Apple Pay that can work with the Unified Payments Interface (UPI).
In excellent news for Apple followers in India, the Cupertino-based tech large is reportedly planning to launch its cost service, Apple Pay, within the nation. The stories recommend that Apple is planning to carry discussions with Indian authorities and officers, together with the National Payments Corporation of India (NPCI).
Currently, the market is dominated by Walmart’s PhonePe, Google’s GPay, and Paytm. Now, Apple is creating a localised model of Apple Pay that can work with the Unified Payments Interface (UPI). This will permit iPhone customers in India to conveniently scan QR codes and make UPI transactions straight, with out counting on any third-occasion cost service supplier (PSP) utility.
According to a report from Moneycontrol, Apple can be in talks with banks to launch Apple Card in India. The report claimed that Apple CEO Tim Cook met with HDFC Bank CEO and MD Sashidhar Jagdishan throughout his journey to India in April to debate the opportunity of bringing the bank card to the nation alongside Apple Pay.
The firm additionally proposed the mixing of Face ID for UPI authentication on iPhones, probably including an extra layer of safety to transactions. Another report revealed that Apple exploring the opportunity of launching its ‌Apple Card‌ there as a co-branded bank card with HDFC Bank.
The iPhone maker can be mentioned to have held discussions with the central financial institution and regulatory physique the Reserve Bank of India (RBI) on the “modalities” of the card. The regulator has reportedly asked Apple to follow the regular procedure for co-branded credit cards, without offering any special considerations for the company.
The Apple Card was introduced in the United States in August 2019 and has remained exclusive to the country. However, there is speculation that Apple may be contemplating launching the Apple Card in India before considering Japan or European countries.
“This decision could be influenced by the fact that Apple currently does not accept card payments in India. Instead, most App Store purchases in the country are powered by the national Unified Payments Interface (UPI) due to regulations prohibiting third-party websites from storing credit card information on their platforms,” MacRumors mentioned.
