Apple Reportedly in Discussions With Banks to Launch Apple Card in India

Apple is in talks with banks to launch Apple Card in India, claims a report by local finance website Moneycontrol.

Apple Card Balance
According to the report, citing sources familiar with the matter, Apple CEO Tim Cook met with HDFC Bank CEO and MD Sashidhar Jagdishan during his trip to India in April to discuss the possibility of bringing the credit card to the country alongside Apple Pay.

In India, only banks are allowed to launch credit cards. According to the outlet's sources, Apple is therefore exploring the possibility of launching its ‌Apple Card‌ there as a co-branded credit card with HDFC Bank.

The Cupertino-based tech giant is also said to have held discussions with central bank and regulatory body the Reserve Bank of India (RBI) on the "modalities" of the card. The regulator has reportedly asked Apple to follow the regular procedure for co-branded credit cards, without offering any special considerations for the company.

‌Apple Card‌ was released in the United States in August 2019, and remains exclusive to the country. The outlet speculates that what might have prompted Apple to consider launching the ‌Apple Card‌ in India before Japan or European countries is the fact that Apple does not currently accept card payments in India. Instead, the national Unified Payments Interface (UPI) powers most App Store purchases in the country, due to regulations that forbid third-party websites from storing credit card details on their platforms.

In the U.S., Apple has partnered with Goldman Sachs for the card, which in its physical form is a plain titanium card with the customer's name but no number printed on the front, with Mastercard and Goldman Sachs mentioned on the reverse. These are reportedly "not liberties that Apple can take in India" as per the current co-branded credit card regulations in India.

The discussions are in the early stages and a decision has not been arrived at, the outlet's sources added.

During his trip to India, Cook attended the opening of the country's first Apple retail stores. Apple previously only offered products through its regional website and via resellers, and yet Apple's sales in India hit a new high of almost $6 billion in the year through March. Revenue in India grew by nearly 50%, from $4.1 billion a year earlier, according to one report.

Apple has also been working to build out a manufacturing supply chain in India, which is home to the world's second biggest smartphone market. In an indication of the country's perceived importance as a production hub, Apple shifted iPhone 14 assembly from China to India in the weeks following its release.

Popular Stories

iOS 18

Here Are Apple's Full Release Notes for iOS 18.2

Thursday December 5, 2024 11:48 am PST by
Apple seeded the release candidate version of iOS 18.2 today, which means it's going to see a public launch imminently. Release candidates represent the final version of new software that will be provided to the public should no last minute bugs be found, and Apple includes release notes with the RC launch. The iOS 18.2 release notes provide a look at all of the new features that are coming...
New Things Your iPhone Can Do in iOS 18

20 New Things Your iPhone Can Do in iOS 18.2

Friday December 6, 2024 4:42 am PST by
Apple is set to release iOS 18.2 in the second week of December, bringing the second round of Apple Intelligence features to iPhone 15 Pro and iPhone 16 models. This update brings several major advancements to Apple's AI integration, including completely new image generation tools and a range of Visual Intelligence-based enhancements. There are a handful of new non-AI related feature controls...
iPhone 17 Slim Feature

iPhone 17 'Air' Expected to Be ~2mm Thinner Than iPhone 16 Pro

Friday December 6, 2024 4:07 pm PST by
In 2025, Apple is planning to debut a thinner version of the iPhone that will be sold alongside the iPhone 17, iPhone 17 Pro, and iPhone 17 Pro Max. This iPhone 17 "Air" will be about two millimeters thinner than the current iPhone 16 Pro, according to Bloomberg's Mark Gurman. The iPhone 16 Pro is 8.25mm thick, so an iPhone 17 that is 2mm thinner would come in at around 6.25mm. At 6.25mm,...
iPhone 14 Pro Display Two Times Brighter Feature

Every Display Upgrade Rumored for Apple's iPhone 17

Friday December 6, 2024 5:14 am PST by
Apple's next-generation iPhone 17 lineup may bring some of the most significant display improvements we've seen in recent years. While the iPhone 17 series isn't expected until late 2025, multiple rumors suggest Apple is working on substantial screen upgrades across its entire smartphone range. From enhanced refresh rates to advanced materials and improved power efficiency, these display...
airpods pro 2 gradient

AirPods Pro 3 Expected Next Year: Here's What We Know

Thursday November 28, 2024 3:30 am PST by
Despite being released over two years ago, Apple's AirPods Pro 2 continue to dominate the wireless earbud market. However, with the AirPods Pro 3 expected to launch sometime in 2025, anyone thinking of buying Apple's premium earbuds may be wondering if the next generation is worth holding out for. Apart from their audio and noise-canceling performance, which are generally regarded as...
iCloud General Feature

Apple Defeats Lawsuit Related to iCloud's Measly 5GB of Free Storage

Friday December 6, 2024 7:43 am PST by
The U.S. Court of Appeals for the Ninth Circuit this week upheld a lower court's dismissal of a lawsuit alleging that Apple illegally deceived customers into paying for iCloud storage, according to a court filing. The decision was reported by Law360. The lawsuit alleged that Apple deceived customers into purchasing iCloud-enabled devices by misleading customers into believing that they can...
surface studio 4

Microsoft Discontinues iMac Rival Surface Studio 2+

Friday December 6, 2024 6:30 am PST by
Microsoft has discontinued its Surface Studio 2+, marking the end of the company's only direct competitor to Apple's iMac, leaving a gap in the Windows ecosystem for high-end all-in-one PCs. Microsoft has confirmed to Windows Central that it has ended production of the Surface Studio 2+, a premium all-in-one desktop designed for creative professionals. With remaining stock now limited to...
open ai logo

OpenAI Launches $200/Month ChatGPT Pro Plan

Thursday December 5, 2024 4:19 pm PST by
OpenAI today announced the launch of ChatGPT Pro, a $200 per month subscription service that provides unlimited access to OpenAI o1, the company's newest and most advanced large language model. The plan includes unlimited use of OpenAI o1, o1-mini, GPT-4o, and Advanced Voice, along with o1 pro mode, an o1 version that uses more compute to provide better answers to the hardest problems. In...

Top Rated Comments

Feek Avatar
19 months ago
Give it to us in the UK please. That and Apple Cash.
Score: 14 Votes (Like | Disagree)
cicalinarrot Avatar
19 months ago

India, meh
Give it to us in the UK please.
That's what you people said about the Koh-I-Noor.
Score: 11 Votes (Like | Disagree)
Fried_Gold Avatar
19 months ago
Meanwhile in the UK.
Score: 11 Votes (Like | Disagree)
Apple Mac Daz Avatar
19 months ago
What about the U.K
Score: 8 Votes (Like | Disagree)
ProfessionalFan Avatar
19 months ago

What about the U.K
Ask your regulators
Score: 7 Votes (Like | Disagree)
profets Avatar
19 months ago
Canada ?
Score: 6 Votes (Like | Disagree)