2023-06-23 18:27:38
A India has it all when it comes to Apple! Not only did the company’s revenue grow there, but the first two Apple stores were opened in the country a few months ago. Nor can we forget that part of the production of iPhones is being migrated to the nation, with the forecast that 18% of the devices will be manufactured in the country by 2025.
Now, Apple is turning its attention to another sector of the Indian market: finance. According to TechCrunchwhen the CEOChief executive officeror executive director.”>1 from the company, Tim Cookwent to the country for the opening of the Apple Stores, he also met with bank representatives, with the Indian Central Bank and with the national regulator of the payment system.
The theme of these meetings was the implementation of the Apple Pay It’s from Apple Card in India. As for the first, the idea is that it be integrated into the so-called Unified Payments Interface (Unified Payments Interface, or UPI), which is a popular transaction system in the region. This interface works through QR codes instead of the traditional NFCNear field communicationor near-field communication.”>2.
Thus, the idea would be that payments using the UPI might be made directly from the Wallet application (Wallet), for example, without the need to download other apps, authenticating them with Face ID/Touch ID. Apple, it is worth noting, already expressed its intention to bring Apple Pay to India a few years ago, but the idea has so far not materialized. Now, however, the plans may finally get off the ground.
Apple Card’s First International Expansion?
Another topic of Cook’s conversation with the CEO of HDFC Bank and agents of the country’s financial system was the expansion of Apple Card. It is worth remembering that, since its launch in 2019, the credit card, which offers advantages such as cashback and the ability to purchase the company’s products in installments is only available in the United States.
According to Moneycontrol, the Cupertino giant is likely to find it difficult to expand its card, as only banks can offer cards in India. Thus, the Apple Card would need to be issued by a financial institution in India in co-branded format (co-branding).
It is true that, even in the USA, the card has a partnership with the bank Goldman Sachs to be issued. However, largely because the card is managed in the Wallet app, it is notable how Apple continues to control Apple Card features, including having access to customer data, for example.
In India, on the other hand, Apple would need to give up some features of the Apple Card, such as its minimalist design, which only bears the customer’s name. Regulations in the country also prevent partners of the issuing bank from storing data related to the cards issued and the Indian bodies have already stated that they will not make the rules more flexible for the company.
In any case, the company may still want to expand its credit card to the country, even if it has to modify its model there. It is worth remembering that, currently, the App Store does not accept credit cards, only the UPI, considering that local legislation prevents card data from being saved in the company’s systems.
Thus, if the Apple Card expansion plans really go ahead, it is possible that, in India, it will be issued by HDFC Bank, for example, following local requirements. It is important, however, to adjust expectations regarding the impact of both the card and Apple Pay in the country: even though they support the UPI, iPhones account for only 10% of all smartphones used by Indians.
How did you remember the MacRumors, however, the discussions are still in the early stages and we have to wait a considerable time until the expansion of services actually takes place, if it is going to get off the ground. While this process is already normally time consuming, it is likely to take even longer given the requirements of Indian law.
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