Apple Card may arrive in India soon in partnership with HDFC Bank
Apple is reportedly talking to banks to launch its credit card, Apple Card, in India. At the forefront is one of India’s leading private banks, HDFC Bank, with which Apple is negotiating a deal to introduce the Apple Card. In addition to banks, Apple is also talking to the National Payments Corporation of India (NPCI) to begin its payments ecosystem in India.
According to Moneycontrol, Apple’s chief executive officer Tim Cook met with HDFC Bank’s chief executive officer and managing director Sashidhar Jagdishan during his visit in April to launch the company’s first physical stores in India. The discussions between the iPhone maker and the bank are in the early stages and no final decision has been taken yet. That means we are not sure if Apple will succeed in cracking a deal and when the Apple Card will arrive in the country.
The Apple Card is currently available in the US where the company operates it in partnership with Goldman Sachs and Mastercard. The Apple Card is the company’s premium offering, featuring a titanium body.
The Indian counterpart of the original Apple Card will be a co-branded credit card, which will involve HDFC Bank as the banking partner. Apple is talking to the RBI officials on the modalities of the card, the report said. But the officials told Apple that it must follow the regular procedure to launch co-branded credit cards and that it will not get any special provisions for its request.
Among other restrictions, Apple cannot offer a plain titanium Apple Card in India without the card number. According to the RBI mandate, the card number must be printed on the card. The current co-branded credit card regulations also mandate that the bank’s partner — Apple in this case — cannot store customer data or transaction data. Only the bank gets access to this data. If the Apple Card arrives in India in partnership with HDFC Bank, the bank will have access to customer data and transaction logs, not Apple.
Regarding the meeting between the Apple executives and NPCI officials, it is unclear if it was about using the RuPay payment service system for the Apple Card or the launch of UPI-based Apple Pay in India. According to a report, Apple is talking to NPCI to launch Apple Pay in India. Apple’s payments service in India is likely to be based on UPI instead of PSP — much like Google’s GPay which is based on UPI in India.
The post Apple Card may arrive in India soon in partnership with HDFC Bank appeared first on Techlusive.
Apple is reportedly talking to banks to launch its credit card, Apple Card, in India. At the forefront is one of India’s leading private banks, HDFC Bank, with which Apple is negotiating a deal to introduce the Apple Card. In addition to banks, Apple is also talking to the National Payments Corporation of India (NPCI) to begin its payments ecosystem in India.
According to Moneycontrol, Apple’s chief executive officer Tim Cook met with HDFC Bank’s chief executive officer and managing director Sashidhar Jagdishan during his visit in April to launch the company’s first physical stores in India. The discussions between the iPhone maker and the bank are in the early stages and no final decision has been taken yet. That means we are not sure if Apple will succeed in cracking a deal and when the Apple Card will arrive in the country.
The Apple Card is currently available in the US where the company operates it in partnership with Goldman Sachs and Mastercard. The Apple Card is the company’s premium offering, featuring a titanium body.
The Indian counterpart of the original Apple Card will be a co-branded credit card, which will involve HDFC Bank as the banking partner. Apple is talking to the RBI officials on the modalities of the card, the report said. But the officials told Apple that it must follow the regular procedure to launch co-branded credit cards and that it will not get any special provisions for its request.
Among other restrictions, Apple cannot offer a plain titanium Apple Card in India without the card number. According to the RBI mandate, the card number must be printed on the card. The current co-branded credit card regulations also mandate that the bank’s partner — Apple in this case — cannot store customer data or transaction data. Only the bank gets access to this data. If the Apple Card arrives in India in partnership with HDFC Bank, the bank will have access to customer data and transaction logs, not Apple.
Regarding the meeting between the Apple executives and NPCI officials, it is unclear if it was about using the RuPay payment service system for the Apple Card or the launch of UPI-based Apple Pay in India. According to a report, Apple is talking to NPCI to launch Apple Pay in India. Apple’s payments service in India is likely to be based on UPI instead of PSP — much like Google’s GPay which is based on UPI in India.
The post Apple Card may arrive in India soon in partnership with HDFC Bank appeared first on Techlusive.
