Apple In Talks With UPI Apps To Launch Apple Pay Service In India: What It Means

In good news for Apple fans in India, the Cupertino-based tech giant is reportedly planning to launch its payment service, Apple Pay, in the country. The reports suggest that Apple is planning to hold discussions with Indian authorities and officials, including the National Payments Corporation of India (NPCI).

Currently, the market is dominated by Walmart’s PhonePe, Google’s GPay, and Paytm. Now, Apple is developing a localised version of Apple Pay that will work with the Unified Payments Interface (UPI). This will allow iPhone users in India to conveniently scan QR codes and make UPI transactions directly, without relying on any third-party payment service provider (PSP) application.

According to a report from Moneycontrol, Apple is also 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 during his trip to India in April to discuss the possibility of bringing the credit card to the country alongside Apple Pay.

The company also proposed the integration of Face ID for UPI authentication on iPhones, potentially adding an additional layer of security to transactions. Another report revealed that Apple exploring the possibility of launching its ‌Apple Card‌ there as a co-branded credit card with HDFC Bank.

The iPhone maker is also said to have held discussions with the central bank and regulatory body 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 said.