Apple is preparing to launch its credit card in India. The iPhone manufacturer’ CEO Tim Cook had a meeting with HDFC Bank CEO and managing director Sashidhar Jagdishan in India.
Apple is reportedly in negotiations with the National Payments Corporation of India (NPCI) to offer “Apple Pay” in India. The Rupay-powered credit vehicle or the UPI were discussed. Rupay credit cards are UPI-compatible.Only banks can issue credit cards in India, but UPI lets clients make fast, seamless payments by scanning QR codes on their phones. Apple discussed card details with the Reserve Bank of India. The RBI requested that the corporation implement co-branded credit card procedures. Apple will introduce its HDFC Bank co-branded credit card in India, according to sources. Early talks. The internet giant has a titanium premium credit card in the US with Mastercard and Goldman Sachs.
Apple has focused on India for years. In 2022-23, iPhone sales in India reached 50,000 crore, according to research.
Tim Cook opened two special boutiques in Mumbai and Delhi while in India. iPhone manufacture is moving to India. It has two crore subscribers and 4% of the Indian smartphone market.
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Credit cards are issued by banks alone. Apple cannot provide cards with its logo and customer’s name in India. The US Apple card has Goldman Sachs and Mastercard. The IT giant cannot do this in India.
The RBI banned bank partners from storing customer and transaction data last year. Apple cannot save card data.
AppleCard advantages
Apple Card rewards are put into the Apple wallet using Apple Pay. This card has no yearly cost. The firm offered interest-free installments to US cardholders.
The IT company might collaborate with other premium companies for 2-3% payback or reward points.
Conclusion
Apple is preparing to launch its credit card in India, with iPhone manufacturer Tim Cook visiting HDFC Bank CEO and managing director Sashidhar Jagdishan in April. Apple is in negotiations with the Reserve Bank of India (RBI) to offer “Apple Pay” in India, which is compatible with Rupay, a UPI-compatible credit vehicle. The RBI requested that Apple implement co-branded credit card procedures, and Apple will introduce its HDFC Bank co-branded credit card in India. Apple has focused on India for years, with two crore subscribers and 4% of the Indian smartphone market. However, Apple cannot provide cards with its logo and customer’s name in India, unlike the US Apple card with Goldman Sachs and Mastercard.
The RBI banned bank partners from storing customer and transaction data last year, and Apple cannot save card data. Apple Card rewards are put into the Apple wallet using Apple Pay, with no yearly cost and interest-free installments. The IT company may collaborate with other premium companies for 2-3% payback or reward points.
