A premium credit card from Apple is presently available in the US. It is composed of titanium and was introduced on collaboration with Mastercard and Goldman Sachs.
Apple, a major player in technology, is preparing to introduce its own credit card in India. Tim Cook, the CEO of the iPhone maker, recently met Sashidhar Jagdishan, the CEO and managing director of HDFC Bank, during his recent trip to India in April.
“Apple Pay” is reportedly being discussed by Apple and the National Payments Corporation of India (NPCI) for introduction in the nation.
It’s unclear if the negotiations were about the unified payments interface (UPI) or the credit card that would use the Rupay platform. The Rupay credit card can also be connected to UPI.
Only banks in India are permitted to introduce credit cards, whereas UPI allows clients to make quick, easy payments by scanning QR codes with their mobile devices.
Apple and the Reserve Bank of India have discussed the card’s details, the Money-control article claims. According to reports, the RBI instructed the business to adhere to standard co-branded credit card procedures.
According to speculations, Apple will soon introduce a co-branded credit card in India with HDFC Bank.
The conversations are just getting started. The tech giant now runs a high-end credit card in the United States that is made in titanium and was introduced in collaboration with Mastercard and Goldman Sachs.
Why Apple is betting in India?
Apple has concentrated on India over the last few years. In the fiscal year 2022-2023 the iPhone manufacturer’s sales in india reached close to 50,000 crore.
Tim Cook recently opened two unique locations in Mumbai and Delhi during his tour to India. A sizeable chunk of the iPhone’s production has been moved by Apple to India. It has 4% of the Indian smartphone market’s to total market share, or two about crore customer.
Benefits of Apple Card
When it comes to incentives the Apple card is compatible with Apple Pay, and the bonus will be paid into the Apple wallet. There are no yearly fees for this credit card. The business allowed cardholders in the United States to pay for things in instalments without incurring interest.
The tech company may deal with other premium companies for 2-3% cashback or reward points in addition to the 3-5% payback on Apple goods and services.
