Apple has been in contact with a number of Indian authorities and officials in recent weeks and plans to talk to NPCI soon to launch its payment service Apple Pay in the South Asian market, according to two people familiar with the matter. A crowded space dominated by Google’s PhonePe, Google’s GPay and Paytm.
The company, which Chief Executive Tim Cook met with bankers during a recent visit to India, is developing a localized version of Apple Pay that runs on top of UPI, a popular South Asian market. payment mode. NPCI is a special unit of the Reserve Bank of India, the central bank of India, which oversees the UPI platform.
Apple wants iPhone users in India to be able to scan a QR code and initiate a UPI transaction without having to use any PSP app, said the people, who requested anonymity to discuss non-public matters.
Apple did not respond to a May 24 request for comment.
The iPhone maker, which first opened a retail store in India in April, has had several talks with authorities over the years about launching Apple Pay. Company executives told the media more than six years ago that Apple planned to bring Apple Pay to India — but nothing happened.
In recent conversations with some Indian authorities, Apple suggested that Apple Pay could use Face ID on iPhones for UPI authentication, according to a person familiar with the matter.
The people cautioned that the company has yet to make a final decision on its partners and release date, suggesting a release date could be several quarters away.
India is a small market for Apple, and the possible launch of Apple Pay is unlikely to disrupt incumbents in the ecosystem, which processes more than 8 billion transactions per month on the UPI platform. More than 90% of all smartphones used in India run on Android.
