Apple will launch credit card in India

26/06/2023

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Apple will launch credit card in India

Technology giant and i-Phone maker company Apple is going to launch its credit card in India which might be called as ‘Apple Card’.

As per recent report, technology giant Apple is speeding up launching process of its own credit card in India. The chief executive officer (CEO) of Apple, Tim Cook recently held a meeting with HDFC Bank CEO and managing director Sashidhar Jagdishan during his recent trip to India in April.

Permission to National Payments Corporation of India:

Apple is also taking consultation with the National Payments Corporation of India (NPCI) for launching its credit card ‘Apple Pay’ in the country.

However It is not cleared whether the discussions related to the credit card being powered by the Rupay platform or for the unified payments interface (UPI) or not.

Only banks are authorized to launch credit card:

In India, only banks have authority to launch credit cards. UPI is used for customers to make seamless and fast payments by scanning QR codes through mobile phones.
Apple had talk with the Reserve Bank of India over the authorization process of the card and the RBI had advised the company to comply with regular procedure for co-branded credit cards.
The Apple Company currently functions a premium credit card in the United States, made of titanium and launched in partnership with Mastercard and Goldman Sachs.

Why Apple want to launch credit card in India?

Apple has been focusing on India since the past couple of years. According to company’s report, the company has sold its various products in India around ₹50,000 crore in the financial year 2022-23.
Apple has recently launched its two exclusive stores in Mumbai and Delhi and Apple has been shifting a significant portion of iPhone production to India.
Last year, the RBI stated that bank’s partner is not able to store customer or transaction data thus Apple platforms are unable to store the card details.

Benefits of Apple Card:

Talking about rewards, the Apple card is integrated with Apple Pay and the reward will be deposited into the Apple wallet.
Even card will have null annual fees. Discounts, rewards and many other benefits will be introduced with using cards on purchase of products.