Apple is making strides in its expansion into the Indian market, with reports indicating discussions between the tech giant and banks as well as regulators to introduce the popular Apple Card to Indian consumers. According to reliable sources familiar with the matter, Apple’s CEO, Tim Cook, met with the CEO and MD of HDFC Bank, Sashidhar Jagdishan, during his visit to India in April. The move comes as mobile phone payments gain traction in the country, with an increasing number of transactions being conducted through mobile devices.
Tech giants like Apple, Google, Amazon, and Samsung are capitalizing on the rising popularity of mobile payments and have ambitious plans in the realm of financial services. These companies have already developed payment applications and are actively pursuing opportunities to make significant progress in the payment industry.
Reports suggest that Apple has engaged in discussions with the Reserve Bank of India (RBI) regarding the specific details of introducing the Apple Card. However, sources reveal that the regulator has requested Apple to adhere to the standard procedure for co-branded credit cards, without providing any special considerations for the company.
According to sources, Apple aims to introduce the Apple Card in India as a co-branded credit card in collaboration with HDFC Bank. However, it should be noted that these discussions are still in the early stages, and no final decisions have been made regarding the launch date or other specifics.
Sources also indicate that Apple is exploring potential deviations from the conventional co-branded credit card model in India. However, it remains uncertain whether the company is willing to make the necessary compromises to successfully launch the card in the Indian market.
Currently available in the United States, Apple’s premium credit card, developed in partnership with Goldman Sachs and Mastercard, offers unique features such as a titanium metal construction and seamless integration with Apple Pay. Cardholders receive cashback rewards deposited into their Apple Wallet, with an annual interest rate of 4.15 percent and no annual fees. Additionally, in the U.S., Apple allows cardholders to purchase Apple products in interest-free installments and offers cashback rewards for Apple product and service purchases, along with the possibility of collaborations with other premium brands for added benefits.
While the specifics of the potential launch in India remain unknown, Apple’s entry into the Indian credit card market has the potential to reshape the digital payment landscape, providing consumers with innovative and seamless payment solutions while leveraging the company’s trusted brand image.
