The tech giant Apple is getting ready to offer their own credit card for India. Apple’s iPhone manufacturer’s chief executive (CEO) Tim Cook recently had a meeting with HDFC Bank CEO and managing director Sashidhar Jagdishan during his recent visit to India on April 1, Moneycontrol reported.
According to the report, Apple is having talks with the National Payments Corporation of India (NPCI) in order to introduce “Apple Pay for India. It’s unclear if these talks were related to the credit vehicle being powered with the Rupay platform, or to the unification of the Payments Interface (UPI). The Rupay credit card is connected to UPI also.
In India the country, banks are the only ones who are able to launch credit cards, while UPI allows consumers to perform quick and easy payments by scanning QR codes using mobile phones. As per Moneycontrol’s Moneycontrol publication, Apple has held talks with the Reserve Bank of India over how to use credit cards. The RBI reportedly asked Apple to adhere to the standard procedures that are used to co-brand credit cards.
According to news reports, Apple is set to unveil its own credit card in partnership with HDFC Bank in India. Discussions are still in the initial phases. As of now, the technology titan operates a premium credit card within the United States, made of titanium. It was launched in collaboration with Mastercard as well as Goldman Sachs.
What is the reason Apple investing in India?
Over the last few decades, Apple is focusing its attention on India. According to an article, it is believed that the iPhone maker’s revenue in India reached around 50 million in the fiscal period 2022-23.
Recently, Tim Cook during his trip to India has launched two stores that are exclusive to Mumbai as well as Delhi. Apple has moved a large amount of iPhone production to India. The country has a four-per percent share of the mobile market share in India and that’s about 2 crore people.
Are you ready to step back?
In the past the only banks that can issue credit cards to clients. For India, Apple cannot introduce cards with their logo or customer’s name printed at the top. In the US there are brands that are associated with Goldman Sachs and Mastercard that appear on the Apple card. The tech giant can’t use these brands in India.
The previous year last year, the RBI stated that banks’ partners cannot keep transaction or customer data. Apple platforms are unable to store information about the card.
Advantages of Apple Card
In terms of benefits The Apple card can be linked to Apple Pay and any reward will be transferred into your Apple wallet. The card doesn’t have any annual charges. In the United States, the company lets its customers purchase products in installments, free of charge.
In addition to the 3-5 percent cashback for purchases of Apple services and products, Apple could also partner with premium brands and offer up to 3% cashback, as well as reward points.