Apple is reportedly preparing to launch Apple Pay in India
Apple has been looking to launch its payment feature called Apple Pay in India for some time now but it hasn't successfully negotiated the terms with local authorities. Well, according to people familiar with the matter, the company is again in talks with the local regulatory bodies, specifically, the NPCI - a special division of India's central bank Reserve Bank of India.
Currently, all payment methods in the country work atop of the UPI, which is a popular payment method in South Asian markets. Walmart's PhonePe, Google's GPay and Paytm are all compliant with UPI and work in India.
Reportedly, Tim Cook met with Indian authorities to negotiate a localized version of Apple Pay - customers to be able to scan QR codes and initiate UPI transactions without using third-party apps. Apple also wants users to confirm UPI transactions using the Face ID feature.
But don't hold your breath. From what we could gather, Apple hasn't entered negotiations with local partners (banks) and the Indian market is pretty low on the priority list for the company. About 90% of the mobile devices run Android, so the country is a tiny market for Apple Pay.
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Reader comments
- Aozora
- 03 Jul 2023
- 7km
First of all, India is massive in terms of population. The fact that less than 10% use iPhones might sound low but the sheer number of devices would prove otherwise. Also, most of those 10% iPhone users are actually the wealthy (upper middle class an...
- Aozora
- 03 Jul 2023
- 7km
Just to rectify, all payments in the country don’t go through UPI. Credit cards (Visa, MC and Amex) are not a part of UPI and they exist independently like every other country. UPI is just a direct bank to bank transfer system which coexists with tra...
- polarcap
- 28 Jun 2023
- U@K
yes, when looking at it either way apple might get profit but not the kind they were expecting☺️
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