Apple is currently in discussions with banks in India, as it works to launch its Apple Card in the country, says a report by local finance website Moneycontrol.
The company’s CEO, Tim Cook, met with HDFC Bank CEO and MD Sashidhar Jagdishan during his trip to India in April, according to two sources familiar with the matter. The technology giant is also holding discussions with the National Payments Corporation of India (NPCI) to possibly launch Apple Pay in the country, a third source told Moneycontrol. It is not clear whether these discussions are regarding its credit card being powered by NPCI’s Rupay platform or whether this is for Unified Payments Interface (UPI). The advantage of launching a Rupay Credit Card is that it can be linked to UPI as well. In India, only banks are allowed to launch credit cards.
Apple is exploring the possibility of launching its Apple Card there as a co-branded credit card with HDFC Bank.
The Cupertino-based tech giant is also said to have held discussions with central bank and regulatory body the Reserve Bank of India (RBI) on the “modalities” of the card. The regulator has reportedly asked Apple to follow the regular procedure for co-branded credit cards, without offering any special considerations for the company.
Apple Card was launched in the United States in 2019 as the first credit card specifically designed for use with the iPhone. Apple Card is a no-fee credit card that provides customers with a secure and seamless way to manage their finances directly from Apple Wallet on iPhone.
Apple Card offers Daily Cash rewards to customers that spend online or in-store, including 3% Daily Cash back on purchases made directly with Apple and select merchants with Apple Pay, and 2% on purchases through Apple Pay.
In the United States, Apple works with Goldman Sachs Bank USA, Salt Lake City Branch as their bank issuing partner, and Mastercard as their network for Apple Card. In the U.S. the Apple Card in its physical form is a plain titanium card with just the cardholder’s name but with no card number on the front. Mastercard and Goldman Sachs are mentioned on the reverse side of the card. These are reportedly “not liberties that Apple can take in India” due to the current co-branded credit card regulations in India.
The discussions are in the early stages and a decision has not been arrived at, the outlet’s sources added.