Apple is apparently in negotiations with Indian banks and authorities about launching a credit card in India, which may be called Apple Card. For those who are unaware, Apple introduced its credit card in the United States in collaboration with Goldman Sachs, an American global investment bank and financial services firm.
According to MoneyControl, which cites two persons acquainted with the situation, Apple CEO Tim Cook met with HDFC Bank CEO and MD Sashidhar Jagdishan during his April trip to India.
Apple is reportedly in discussions with the National Payments Corporation of India (NPCI) to potentially introduce Apple Pay in the country.
The nature of these talks is uncertain, as it is unclear whether they pertain to a credit card powered by NPCI’s Rupay platform or for the Unified Payments Interface (UPI). Notably, a Rupay Credit Card has the advantage of being linkable to UPI. It is worth noting that in India, only banks are permitted to issue credit cards.
This new development comes at a time when mobile phones are used to make a considerable amount of payments. Not just Apple, but also Google, Amazon, and Samsung appear to be expanding into the payments sector and have aspirations in the financial services space.
The companies have created payment apps and intend to make progress in this area. According to the article, the iPhone maker has discussed the card’s modalities with the Reserve Bank of India (RBI). According to reports, the regulator has instructed the company to follow the standard procedure for co-branded credit cards, without any special treatment for the tech giant.
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