Apple is reportedly planning to launch it’s own credit card in India. The credit card could be dubbed Apple Card in the country. According to reports, Apple CEO, Tim Cook met with HDFC Bank CEO and MD Sashidhar Jagdishan during his trip to India in April and possible discussed about the Apple Credit Card.
Apple launched its credit card in the US in association with Goldman Sachs, which is an American multinational investment bank and financial services company. The tech giant is also in talks with the National Payments Corporation of India (NPCI) to possibly launch Apple Pay in the country.
Apple to launch a credit card in India?
If Tim Cook really met with HDFC Bank CEO than it might be possible that the company is really going to launch the credit card in India. In addition, the company executives have also been in contact with Reserve Bank of India (RBI) on the modalities of the card. According to the sources, the regulator has asked Apple to follow the regular procedure for co-branded credit cards, without offering any special consideration for the iPhone maker.giant.
The edge of launching a Rupay Credit Card is that it can be linked to UPI as well. There is no information whether the credit cards could be powered by NPCI’s Rupay platform or for Unified Payments Interface (UPI). As in India, only banks are allowed to launch credit cards.
The new development from Apple comes at a time when a significant number of payments are being made through mobile phones. Not just Apple, Google, Amazon, and Samsung are also apparently pursuing expansion into the payments sector and have plans in the financial services space.
The companies have developed payment apps and are planning to make strides in this area. Apple has had discussions with the Reserve Bank of India (RBI) on the modalities of the card, the report said.
