Apple is preparing to launch its digital payment service ‘Apple Pay’ in India. For this, the company has started talks with big card networks like MasterCard and Visa. According to the report of Moneycontrol, Apple is in the process of getting the necessary regulatory approval in India. The company plans to roll it out in a phased manner by the year 2026. Initially, the service may be launched without UPI. According to reports, in the first phase of Apple Pay, the company will not apply for Third Party Application Provider (TPAP) license for UPI. Initially, Apple’s entire focus will be on card-based contactless payments. This means iPhone users will be able to store their credit or debit cards in Apple Wallet and make payments at merchant outlets just by tapping the phone. Tap-to-pay feature will provide convenience. With the arrival of Apple Pay, users will not need to carry a physical card. It uses ‘tap-to-pay’ technology, which is based on Near-Field Communication (NFC). Users will be able to authenticate payments through Face ID or Touch ID. This will make the payment process much faster and secure. Currently the facility to add Indian cards to Apple Wallet is not available. The company is busy in meeting the regulatory rules. RBI has strict rules regarding digital payments in India, especially regarding data storage and card tokenization. Apple is discussing with regulators to comply with all these rules. Besides, talks are also going on with banks on commercial agreements and fee structure. Apple takes a small part as fee from the bank on every transaction, for which it can be a big challenge to reach an agreement with the banks in India. Google Pay and PhonePe may face competition. Apple Pay will compete with already existing giants like Google Pay, PhonePe and Paytm. However, Apple Pay will work only on Apple devices (iPhone, Apple Watch, iPad). However, the rest of the apps run on both Android and IOS. Apple’s market share is continuously increasing in India, so this service can become quite popular among premium users. The service is available in 89 countries in the global market. Apple Pay is currently available in 89 countries of the world. Its entry in India is part of Apple’s strategy, under which it is considering India as its biggest market after China. Earlier, Apple had rolled out some features for international payments in India in collaboration with Razor-Pay, but the full service is yet to arrive at the domestic level.
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Apple Pay service to launch soon in India: Talks begin with MasterCard and Visa; iPhone users will be able to make payment without swiping the card
