Apple is in discussions to launch the Apple Card, which is its credit card, in India. The discussions for this are with the HDFC bank. The discussions are in their primary stages and no final decisions have been taken so far.
India has been in focus for Apple for the last 2 years because iPhone sales are growing at a rapid pace from the year 2022. A 50% growth of over Rs 33,500 crore in iPhone sales took place in India.
This amount of money is a significant amount to the total revenue of Apple. Converting this amount through the Apple Card would have a substantial impact on them.
Apple Card
Customers using the Apple Card for making purchases can earn up to 1% of cashback, which increases to 2% if the payment is made with Apple Pay. The customers using this card for payment at Apple stores and selected partners will get a cashback of 3%.
Apple does not charge late fees to Apple card holders along with foreign transactions, returned payments, or annual credit card fees, but the users have to pay interest fees generated for carrying the balance.
Apple card owners can open a 4.15% savings account with no minimum balance limit to deposit their daily cash. Each customer will get a unique card number for each device. The number is stored in a secure element that is used by Apple Pay to handle transactions and on-device cryptographic functions.
Apple is also having discussions with the NPCI (National Payments Corporation of India) regarding the launch of Apple Pay in India. Now is the time when a significant number of payments are being increasingly made through payment apps on smartphones.
