You are aware of the iPhone, iPad, smartwatch and many devices of the legendary tech company Apple, but now you should be ready to use Apple’s credit card in India. Actually, the company is in talks with HDFC Bank and regulators to launch Apple credit card in India. Apple CEO Tim Cook had a meeting with HDFC Bank CEO and MD Shashidhar Jagadishan during his visit to India in April this year, Moneycontrol reported.
Discussion with RBI continues
The report also suggests that the tech giant is discussing the modalities of the credit card with the Reserve Bank of India (RBI). It further added that RBI has asked Apple to follow the regular process for co-branded credit cards, without any specific consideration for the company. According to the report, given the rumors of HDFC Bank not giving permission, it is not clear whether the company is ready to settle or not.
Apple has this idea
According to the report, a source said that Apple credit card only works with the biggest and best firms and hence discussions are on with HDFC Bank. While it takes a lot to form a partnership, the bank and other brands will be willing to tweak the terms of the deal to bring Apple on board. A TechCrunch report also revealed that Cook is working on a local version of Apple Pay that works on top of UPI. Apple wants iPhone users in India to be able to scan QR codes and initiate UPI transactions without downloading any PSP app.
Company can use Face ID
The company recently suggested that Apple Pay may use Face ID for UPI authentication on the iPhone. Apple is currently eyeing India for investment and manufacturing as it aims to move away from China due to rising tensions between the US and China. Apple recently opened two physical stores in India, Apple BKC in Mumbai and Apple Saket in New Delhi.