Business: Tech giant Apple is going to make a very big move with the launch of it’s official credit cards in India. Apple CEO, Tim Cook had recently visited India during which he had a meeting with HDFC Bank CEO. He also had a talk with the managing director Sashidhar Jagdishan as per Moneycontrol report. Latest news directs that Apple is in talks with the National Payments Corporation of India NPCI.
The company is trying to bring in the ‘Apple Pay’ in India. It is still not known whether the talks were related to the credit card being powered by the Rupay platform or for the unified payments interface (UPI). Rupay Credit card can also be linked to UPI. India has a system where credit cards can only be launched by banks and hence Apple is in talk with HDFC Bank. UPI was officially introduced in India in 2016 which facilitates digital transactions and seamless payments by scanning QR codes. UPI is a payment facility which is of India. UPI can be accessible in atleast 28 countries including UK, Russia etc.
Co-branded credit cards
As per reports, Apple is constantly approaching Reserve Bank of India RBI over the modalities of the card. However, RBI has directed the company to do the process regularly for the co-branded credit cards. Reports suggest that Apple is getting ready to launch its co-branded credit card with HDFC Bank in India. However, the discussion is still going on and has not been concluded yet. Right now, only United States citizens are having access to premium credit card by Apple. These premium cards are made of titanium and hqve been launched in partnership with Mastercard and Goldman Sachs.