Apple is reportedly discussing plans with financial institutions and regulators to launch its credit card, “Apple Card,” in India. According to insiders, CEO Tim Cook met with HDFC Bank’s CEO, Sashidhar Jagdishan, during his April visit to India.
What Happened? Per a MoneyControl report, Apple has also held talks with the Reserve Bank of India (RBI) about the card’s operational details. The regulator insisted that Apple follow the usual procedure for co-branded credit cards without any special privileges.
Sources reveal that Apple plans to introduce its co-branded credit card with HDFC Bank in India. However, the discussions are still in preliminary stages, and no decision has been reached.
Apple currently operates an elite credit card in the US, launched in collaboration with Goldman Sachs and Mastercard.
Apple’s focus on India has increased with surging iPhone sales. During Cook’s India visit, Apple launched exclusive retail stores and moved a significant portion of iPhone production to the country. Analysts say India could account for almost a quarter of Apple’s total phone production in the next few years.
Get Ring The Bell, Benzinga India’s weekly briefing. Designed specifically for investors like you.
Win-win for customers? Apple’s decision to consider launching the Apple Card in India could be due to the absence of card payments. The company only accepts Unified Payments Interface (UPI) for most purchases, besides iCloud services.
The Apple Card is integrated with Apple Pay, offers a reward system, and carries no annual fees. In the US, the company allows customers to buy Apple products in instalments without interest and provides cashback on purchases.
Do not miss: Where And How To Buy Refurbished iPhone In India
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.