Apple Is Planning To Launch Its Credit Card In India: Report The report said that the tech giant held talks with HDFC bank to issue the 'Apple Cards' to Indian customers
By Teena Jose
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The iPhone maker Apple Inc. is planning to launch its credit card in India. According to moneycontrol report, citing sources aware of the matter, it is said that the tech giant held talks with HDFC bank to issue the 'Apple Cards' to Indian customers.
During the launch of Apple stores in India, CEO Tim Cook reportedly met with HDFC Bank CEO and MD Sashidhar Jagdishan in April. There are also talks that the technology giant is holding discussions with the National Payments Corporation of India (NPCI) to possibly launch Apple Pay in the country.
Apple currently operates its own payment service, Apple Pay, and credit card, Apple Card, in foreign markets, but in India, these services are unavailable.
"Apple is looking to launch its Apple Card, a co-branded credit card with HDFC Bank in the country. The discussions are in the early stages and a decision has not been arrived at. The nature of the discussion, as well as when Apple intends to launch this in India, could not be determined," the report read.
It further added quoting the close sources, "Apple works only with the biggest and the best and hence the discussions with HDFC Bank. While a lot goes into building partnerships, banks and other brands would be willing to sweeten the deal terms to get Apple on board."
Other than holding discussions with the HDFC Bank CEO, Apple Inc executives have also held discussions with the Reserve Bank of India (RBI) related to the legalities of the card, found Moneycontrol.
As of now, there have been no official statements by both Apple and HDFC Bank on the deal. There has been no official confirmation by the RBI as well.
Currently, Apple operates its premium credit card in the USA, which was launched in joint collaboration with Goldman Sachs and Mastercard. It is made of titanium metal and is positioned as a high-end offering.
Recently released reports stated that Apple currently holds approximately 4% of the overall smartphone market in India, which accounts for roughly two crore users.
"To get all the premium Apple customers on board for their credit card is a great proposition for the banks, but none of them can offer any substantial privileges as the regulations around this is strict," one of the sources mentioned.
