According to reports, Apple is exploring the possibility of launching its renowned credit card, Apple Card, in India. The company is currently engaged in discussions with banks and regulators in the country to facilitate its entry into the Indian market.
During his visit to India in April, Apple CEO Tim Cook reportedly met with HDFC Bank CEO and MD Sashidhar Jagdishan to discuss the potential collaboration. Additionally, Apple has held talks with the Reserve Bank of India (RBI) regarding the necessary procedures for introducing the card. The RBI has requested that Apple adhere to the regular process for co-branded credit cards, without offering any special considerations.
Consequently, Apple is considering launching the Apple Card as a co-branded credit card in partnership with HDFC Bank. However, the discussions are still in the early stages, and no final decisions have been made.
While Apple aimed to introduce some modifications to the standard co-branded credit card model in India, the RBI’s refusal to grant any concessions has raised uncertainty about the company’s willingness to proceed with this approach.
According to sources familiar with the matter, Apple’s discussions with HDFC Bank are significant because Apple prefers to collaborate with reputable and prominent institutions. Banks and brands would potentially be willing to enhance the terms of the partnership to secure Apple’s involvement.
In addition to the credit card discussions, Apple is also engaging with the National Payments Corporation of India (NPCI) to explore the potential launch of Apple Pay in the country. The exact nature of the discussions is unclear, whether they pertain to integrating Apple’s credit card with NPCI’s Rupay platform or utilizing the Unified Payments Interface (UPI).
Last year, the Reserve Bank of India implemented new guidelines on recurring payments, leading Apple’s App Store to cease accepting credit and debit cards as a payment method for app purchases and subscription services in India. However, earlier this year, Apple introduced UPI Autopay as a new payment option for subscription-based purchases on the Indian App Store, expanding the available payment methods for Indian users.
While the talks between Apple, HDFC Bank, and regulatory bodies continue, Apple enthusiasts in India eagerly await further developments regarding the potential availability of Apple Card and Apple Pay in the country.
