(Image source from: Thehansindia.com)
Apple enthusiasts may finally gain access to one of its well-liked services in India this year. The technology company based in Cupertino is reportedly preparing to introduce Apple Pay in the nation, as indicated by recent news. According to these reports, Apple intends to engage in conversations with card payment providers such as Mastercard and Visa, along with officials from the Indian government to seek necessary permissions.
Details from a Moneycontrol article, citing Business Standard, imply that the launch of Apple Pay could happen gradually, starting with a contactless card payment service through Apple. Discussions are currently taking place with relevant authorities and service providers, and the rollout might occur by the end of this year. The article mentions that Apple is not expected to adopt a Google Pay-style UPI payment option in India due to differences in payment system designs. More critically, the company will need to work with the cards used in India and ensure they can be linked to the Apple Wallet for users to fully benefit from Apple Pay in the region.
Once approval is granted, iPhone users will be able to connect their debit or credit cards to the wallet and conveniently make payments by tapping their phones at retail points of sale across the country. The tap-to-pay function from Apple resembles Samsung Pay available on Galaxy devices in several countries. As the phone itself serves as the payment terminal, there is no need for separate hardware. Similarly, iPhones can make tap-and-pay transactions without requiring a card, enabling contactless payments through NFC while enhancing security with PIN verification and improved privacy. The company has shared past intentions to launch Apple Pay in India and even suggested incorporating Face ID for secure UPI verification on iPhones, which could provide an extra security measure for transactions. Additionally, Apple considered introducing its Apple Card as a combined credit card with HDFC Bank a few years ago.
While there is no clear confirmation, considering the significance of this market, it seems like the ideal moment for the tech giant to officially launch its payment service with collaboration from local banks and payment facilitators. India is a leading region for digital payments, especially due to UPI, and Apple Pay possesses all the necessary elements to thrive in this market.
