Apple has engaged with many Indian authorities and officials in recent weeks and plans to soon hold conversations with NPCI for the launch of its payments service Apple Pay within the South Asian market, in keeping with two people aware of the matter, eyeing an entrance right into a crowded space that’s dominated by Walmart’s PhonePe, Google’s GPay and Paytm.
The corporate, whose chief executive Tim Cook met with bankers during his recent visit to India, is working on a localized version of Apple Pay that works atop of UPI, a preferred payments mode within the South Asian market, people aware of the matter said. NPCI, a special division of India’s central bank Reserve Bank of India, oversees the UPI platform.
Apple wants iPhone customers in India to have the option to scan QR codes and initiate UPI transactions without having to make use of any PSP app, the people said, requesting anonymity in discussing nonpublic matters.
Apple didn’t reply to a request for comment on May 24.
The iPhone-maker, which debut its first set of retail stores in India in April this yr, has held several conversations about launching Apple Pay with the authorities over time. Company’s executives told press over six years ago that Apple plans to bring Apple Pay to the country — and never followed up.
During its recent conversations with some Indian authorities, Apple suggested that Apple Pay could have the flexibility to make use of Face ID for UPI authentication on iPhones, in keeping with one person aware of the matter.
The corporate has yet to make a final decision on its partners and launch date, the people cautioned, suggesting that a launch is probably going still just a few quarters away.
India is a tiny marketplace for Apple and a possible launch of Apple Pay is unlikely to disrupt incumbents within the ecosystem, which processes over 8 billion transactions a month on the UPI platform. Greater than 90% of all smartphones in use in India run Android.
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