Apple may soon introduce Apple Pay in India; will compete against Google Pay, Paytm
Apple is reportedly in talks with National Payments Corporation of India (NPCI) to launch to Pay. The service is expected to allow iPhone users to scan QR codes and make unified payments interface (UPI) transactions.
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FollowApple may soon debut Apple Pay in India, after the launches of Google Pay, Paytm, and other payment apps. According to reports, the tech giant is in discussions to provide a localised version of its digital payments app in India through National Payments Corporation of India (NPCI). Preliminary discussions have reportedly taken place, and Apple is now going through with the plans.
Apple is keen to roll out Apple Pay to its Indian clients since the country has grown to be an important market for the firm. Similar to other countrywide digital payment applications, the service is anticipated to enable iPhone users to scan QR codes and conduct universal payments interface (UPI) transactions. However, neither Apple nor NPCI have made any remarks on these most recent events.
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Apple Pay provides a simple, secure, and private method of payment through various Apple devices, including iPhone, iPad, Apple Watch, and Mac. Users can link credit, debit, or prepaid cards from 10 countries in the Asia-Pacific area as well as other partner banks and issuers. Additionally, Apple only recently made its Pay Later option available to US customers, enabling them to divide purchases into four interest-free installments with no additional expenses. The tracking, administration, and payback of Apple Pay Later loans are simply centralised through the Apple Wallet.
Apple Pay is a near-field communication (NFC)-based contactless payment system. Customers will be able to pay by holding their iPhone or Apple Watch close to a contactless scanner.
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With the launch of UPI, a digital payment system, India has strengthened the atmosphere for innovative thinking and innovations. Millions of individuals across the nation have actually benefited from this. In fact, from 2022 to 2023, UPI was in charge of a significant 75% of all digital transactions in India. By 2026 to 2027, according to experts, there may be a startling one billion transactions every single day. The NPCI, which is in charge of UPI, recorded a record-breaking nine billion transactions in just May.
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