Apple, the manufacturer of iPhones, is in discussions with banks and regulators to bring its credit card, the "Apple Card," to India. During his visit to India in April, Apple CEO Tim Cook met with HDFC Bank CEO and MD Sashidhar Jagdishan, according to sources familiar with the matter.
This development is occurring as mobile phone payments are increasingly prevalent. Technology giants like Apple, Google, Amazon, and Samsung are actively seeking expansion in the payment sector and have ambitious plans in the financial services industry. These companies have developed payment apps and aim to make significant advancements in this area.
Apple has reportedly engaged in discussions with the Reserve Bank of India (RBI) regarding the specifics of the card. RBI has advised Apple to follow the standard procedure for co-branded credit cards without providing any special considerations for the company.
Apple and HDFC Bank have not responded to email queries, and the RBI has not provided a response regarding discussions with Apple.
Apple is considering launching the Apple Card as a co-branded credit card in partnership with HDFC Bank. The discussions are still in the early stages, and no decision has been made yet. Details about the discussions and the timeline for the potential launch in India remain unknown.
Apple was exploring significant deviations from the typical co-branded credit card model in India. It is uncertain whether the company is willing to make the necessary compromises to introduce the card in India.
It is unclear whether the discussions with the regulator involved Apple executives or their potential banking partner.
Currently, Apple operates a premium credit card in the United States in collaboration with Goldman Sachs and Mastercard. This card, made of titanium metal, is positioned as a high-end offering.
Apple's reputation as a prominent and prestigious brand has led to discussions with HDFC Bank. While negotiations for partnerships involve various factors, banks and other brands may be willing to improve the deal terms to have Apple on board.