World’s Technology giant Apple is in the news for its financial move. It “is gearing up to launch its own credit card in India”, reports hindustantimes.com.
“The iPhone maker's chief executive officer (CEO) Tim Cook recently met HDFC Bank CEO and managing director Sashidhar Jagdishan during his recent trip to India in April”, www.hindustantimes.com quotes Money control reporting.
As per a report, Apple is having talks with the National Payments Corporation of India (NPCI) to launch ‘Apple Pay’ in the country.
“It is unclear whether the discussions pertained to the credit car being powered by the Rupay platform or for the unified payments interface (UPI). Rupay credit card can be linked to UPI too.”
Everybody knows that in India, only banks can launch credit cards while UPI is for customers to make seamless and fast payments by scanning QR codes through mobile phones.
According to the Moneycontrol report, Apple has held talks with the Reserve Bank of India over the modalities of the card.
The RBI reportedly asked the company to follow regular procedures for co-branded credit cards. As per reports, Apple is set to launch its co-branded credit card with HDFC Bank in India.
The discussions are in the early stages. At present, the tech behemoth currently operates a premium credit card in the United States, made of titanium and launched in partnership with Mastercard and Goldman Sachs.