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- Apple is said to resume talks with authorities on the launching of Apple Pay in India.
- The tech giant intends to allow users scan QR codes and make UPI transactions without the need for a PSP app.
Apple is seeking to resume talks on the launching of Apple Pay in India. The tech giant is striving to carve a niche for itself in the rather crowded space. This will involve allows users to scan QR codes and make UPI transactions without the need for a PSP app.
Apple Pay in India
Apple launched its first set of retail stores in India in April 2023. A few months later, the company seems to work towards the introduction of Apple Pay in this South Asian market.
Individuals familiar with the matter have indicated that Apple has resumed talks geared towards the launch of Apple Pay in India. In particular, the tech giant is said to have engaged several officials and authorities in the Asian country in recent weeks. It also plans to engage NPCI (National Payments Corporation of India) in talks related to the aforementioned payments service. During his latest visit to India, Apple’s chief executive, Tim Cook met several bankers.
Granted, the South Asian market is dominated by the likes of Google’s GPay, Paytm, and Walmart’s PhonePe. Besides, over 90% of the smart phones used in India run Android. Even so, Apple is seeking to position itself by availing a localized version of Apple Pay on the UPI platform.
The Indian ecosystem processes over 8 billion transactions in a month on the UPI platform. This is rather small for a tech giant like Apple. Nonetheless, India remains one of the company’s key markets as it strives to diversify beyond China and the US.
India’s smartphone market is set to grow at a compound annual growth rate (CAGR) of 14.4% for the period between 2021 and 2026. Apple expects to capitalize on this growth by introducing services and products tailor-made for the Indian market.
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