Apple in Talks with HDFC Bank to Launch Credit Card in India

Apple is reportedly considering a plan to launch its credit card in India, as discussions with banks and regulators are currently underway.

The company's CEO, Tim Cook, met with HDFC Bank CEO and MD Sashidhar Jagdishan during his visit to India in April to explore the possibility of introducing the "Apple Card" in the country, according to multiple media reports.

In addition to the potential credit card launch, Apple is also in talks with the National Payments Corporation of India (NPCI) regarding the potential introduction of Apple Pay. The discussions aim to determine whether the credit card would be powered by NPCI's Rupay platform or integrated with the Unified Payments Interface (UPI), which allows customers to make quick and seamless payments via mobile phones by scanning QR codes.

It's worth noting that in India, only banks have the authority to issue credit cards. Therefore, Apple's entry into the credit card market would require collaborations with established banking institutions. The move comes at a time when mobile-based payments are gaining popularity in India, prompting tech giants like Apple, Google, Amazon, and Samsung to pursue expansion into the financial services sector actively.

While Apple has engaged in discussions with the Reserve Bank of India (RBI) regarding the launch, no official statements have been provided by either party. The RBI has reportedly advised Apple to follow the standard procedure for co-branded credit cards, without offering any preferential treatment to the company.

As the talks progress, it remains to be seen whether Apple will successfully navigate the regulatory landscape and bring its credit card to the Indian market. Both Apple and HDFC Bank have refrained from commenting on the matter, and the RBI has not provided any official statements regarding their discussions with Apple.

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