In a country of 140 crore, the Unified Payments Interface processed 83 billion digital transactions worth a whopping Rs 139 lakh crore in FY23. As local payments apps such as Paytm and PhonePe compete in the Indian market, global player Google Pay has also captured close to almost 35 per cent of the market.
After making a mark in the smartphone space, another international player Apple has plans to enter India's e-payment space, and is working on an Apple credit card with banks in the country.
Exploring collaborations in line with norms
The new Apple Card had also been discussed when CEO Tim Cook was in India to launch its first stores in the country.
He had reportedly met HDFC Bank's Chief Executive Officer, to explore the possibility of collaborating on a credit card.
Apple's meetings with the National Payments Corporation of India also point towards a possible launch for Apple Pay in the country.
Before Apple, global tech giants Google and Amazon have already launched their payment services to benefit from the rising demand for digital transactions in India.
In India, the Apple Card won't be the same as it is in the US, since only banks are allowed to issue credit cards in the country.
The iPhone maker reportedly discussed the norms with the Reserve Bank of India, but didn't get any special consideration and was told to launch co-branded cards.
