India will soon have Apple credit cards, as per reports
The technology giant Apple is preparing to offer its own credit card in India.
Tim Cook, visited HDFC Bank CEO and managing director Sashidhar Jagdishan during a recent trip to India in April.
According to reports, the firm is discussing with the National Payments Corporation of India (NPCI) to launch ‘Apple Pay’ in the country.
It is unclear whether the discussions were about the credit card operated by the Rupay platform or about the UPI. The Rupay credit card can also be linked to UPI.
Only banks in India can issue credit cards; however, UPI allows clients to make seamless and quick payments by scanning QR codes with their mobile phones.
According to Moneycontrol, Apple has discussed the card’s modalities with the Reserve Bank of India.
As per the reports, the RBI instructed the corporation to follow standard co-branded credit card procedures.
According to rumours, Apple plans to issue a co-branded credit card with HDFC Bank in India. The talks are in their early stages.
Currently, the tech behemoth offers a premium credit card in the United States that is made of titanium and was launched in collaboration with Mastercard and Goldman Sachs.
Why Apple is targeting India?
The firm has been working in India for the past few years. According to reports, Apple’s sales in India will reach approximately 50,000 crore in fiscal year 2022-23.
During his tour to India, Tim Cook recently opened two unique locations in Mumbai and Delhi. The firm has shifted a sizable percentage of iPhone production to India. It accounts for 4% of India’s smartphone market, with two crore users.
Why it’s the best Credit Card?
In terms of incentives, the Apple card is compatible with Apple Pay, and the reward will be deposited in the Apple wallet.
There are no annual fees with this card. The corporation allows cardholders to purchase things in instalments in the United States with no interest.
Aside from the 3-5% payback on Apple products and services, the tech company might deal with other luxury businesses for 2-3% cashback or reward points.
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