Currently, the market is dominated by Walmart's PhonePe, Google's GPay, and Paytm. Now, Apple is developing a localised version of Apple Pay that will work with the Unified Payments Interface (UPI).

Apple Negotiating With UPI Apps To Introduce Apple Pay In India

Adriana MaraisJune 25, 23 Apple, Apple Pay

Apple enthusiasts in India can rejoice as the tech giant from Cupertino is said to be considering the launch of its payment service, Apple Pay, in the country. According to reports, Apple is expected to engage in talks with Indian authorities and officials, including the National Payments Corporation of India (NPCI).

Currently, the market is dominated by Walmart’s PhonePe, Google’s GPay and Paytm. Now Apple is developing a localized version of Apple Pay that works with the Unified Payments Interface (UPI). This allows iPhone users in India to conveniently scan QR codes and make UPI transactions directly without the need for third-party payment service provider (PSP) applications.

According to a report by Moneycontrol, Apple is also in talks with banks to launch the Apple Card in India. According to the report, Apple CEO Tim Cook met HDFC Bank CEO and MD Sashidhar Jagdishan during his trip to India in April to discuss the possibility of bringing the credit card to the country alongside Apple Pay.

The company also suggested integrating Face ID for UPI authentication on iPhones, which may increase the security level of transactions. Another report revealed that Apple is exploring the possibility of launching the ‌Apple Card‌ there as a co-branded credit card with HDFC Bank.

The iPhone maker is also said to have held talks with the central bank and regulator Reserve Bank of India (RBI) about the card’s “policies”. The regulator has reportedly asked Apple to follow the usual procedure for co-branded credits. cards without offering any special consideration to the company.

Apple Card was introduced in the US in August 2019 and has remained exclusive in the country. However, it has been speculated that Apple might consider launching Apple Card in India before considering Japan or European countries.

“This decision may be influenced by the fact that Apple currently does not accept card payments in India. Instead, most App Store purchases in the country work through the national Unified Payments Interface (UPI), as regulations prohibit third-party websites from storing credit card information on their platforms,” MacRumors said.