Apple to launch credit card in India to sell installment phones at cheaper rates

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Ahmedabad. 23 June 2023, Friday

iPhone maker Apple is now preparing to launch its own credit card. The company is in final stage discussions with banks and regulators in this regard. A credit card may be launched under the name 'Apple Card' to further expand business in India. Sources said Apple CEO Tim Cook spoke to HDFC Bank CMD Shashidhar Jagdeesan during his visit to India in April.

Companies like Apple, Google, Amazon and Samsung are expanding into the payments sector and preparing for major expansion into the financial services sector. According to the report, Apple has also spoken to the Reserve Bank of India regarding the structure of the card. However, RBI has replied that Apple will have to complete all the procedures and will not get any special facility.

According to sources, Apple is preparing to launch its credit card in collaboration with HDFC Bank. Apple currently issues a premium card in the US, which was launched in conjunction with Goldman Sachs and MasterCard. This card is made of titanium metal and is considered a high end card.

Apple's focus has been on India for some time now. iPhones are also selling very fast here. Apple's revenue from India increased by 50% to Rs 50,000 crore or $6 billion in FY 2023. During FY 2022, the company's revenue in India will be Rs. 33,500 crores or about $4 billion. If a part of this transaction is through Apple Card, it will have a big impact. Apple's global revenue is around $80 billion. The company also considers it necessary to launch Apple Card in India before Japan or European countries, as Apple currently does not accept card payments in India. Most of the app stores in India provide payment facility through Unified Payments Interface (UPI) apart from iCloud services.

Apple Card supports Apple Pay and reward money is stored in Apple Wallet. It earns 4.15 percent annual interest. There is no annual fee for this card. Customers can purchase products in interest-free installments using an Apple Card in the US. Apple may tie up with other premium brands to offer 3-5 percent cashback on purchases of products and services, as well as an additional 2-3 percent cashback or reward points.

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