Ro, 23 June 2023
Apple iOS Other
Apple has been looking to launch its payment feature called Apple Pay in India for some time now but it hasn’t successfully negotiated the terms with local authorities. Well, according to people familiar with the matter, the company is again in talks with the local regulatory bodies, specifically, the NPCI – a special division of India’s central bank Reserve Bank of India.
Currently, all payment methods in the country work atop of the UPI, which is a popular payment method in South Asian markets. Walmart’s PhonePe, Google’s GPay and Paytm are all compliant with UPI and work in India.
Reportedly, Tim Cook met with Indian authorities to negotiate a localized version of Apple Pay – customers to be able to scan QR codes and initiate UPI transactions without using third-party apps. Apple also wants users to confirm UPI transactions using the Face ID feature.
But don’t hold your breath. From what we could gather, Apple hasn’t entered negotiations with local partners (banks) and the Indian market is pretty low on the priority list for the company. About 90% of the mobile devices run Android, so the country is a tiny market for Apple Pay.
India has 1400 million population. 10% means 140 million. So, if 140 million people buys 1000 usd apple phone that alone generate revenue of 140 billion for apple. That is the reason they are focusing in india. Although out of 1400 million…
Yes. UPI is an Indian payment system. It is flawless and amazingly fast.
Of course Apple Pay needs Fingerprint or Face ID to make secure payment, but it happens in blink of an eye, again no need to open any extra app because Apple Pay is built into system, just double tap the power button or hold phone near the register a…
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