Bengaluru, NFAPost: In a recent development, global tech giant Apple Inc is reportedly contemplating the launch of its highly anticipated credit card, known as the Apple Card, in India. The company is said to be in talks with HDFC Bank, a leading Indian financial institution, in order to facilitate the introduction of this digital payment solution to Indian consumers.
While the plans for the Apple Card in India are still in their preliminary stages, Apple executives have engaged in discussions with HDFC Bank CEO and also sought guidance from the Reserve Bank of India (RBI) regarding the necessary legalities and regulations associated with the card, according to sources cited by Monecontrol.
The RBI, India’s central bank, has made it clear to Apple Inc that it must adhere to the standard procedures outlined for co-branded credit cards in the country. The regulatory authority has emphasized that no special concessions will be granted to the iPhone maker, underscoring the need for compliance with existing banking guidelines.
The Apple Card boasts several notable features that could potentially appeal to Indian customers. Users who make regular purchases using the physical Apple Card are eligible to receive up to 1% cashback, which increases to 2% when payments are made through Apple Pay. Moreover, when the card is used for transactions at Apple stores and select partner establishments, the cashback percentage rises to an attractive 3%.
One of the key advantages of the Apple Card is the absence of late fees, foreign transaction fees, returned payment fees, and annual credit card fees. However, customers are liable to pay interest fees on outstanding balances. Additionally, Apple Card holders have the option to open a savings account with a competitive interest rate of 4.15%, with no minimum balance requirement, allowing them to conveniently deposit their daily cash.
To ensure enhanced security, each Apple Card user is provided with a unique card number for every device they own. This number is securely stored within the device’s secure element, which is utilized by Apple Pay to process transactions and perform on-device cryptographic functions.
As Apple Inc continues to explore the possibility of launching the Apple Card in India, it remains to be seen how the collaboration with HDFC Bank and the RBI’s regulatory framework will shape the final outcome. The introduction of this innovative financial solution could potentially offer Indian consumers an additional payment option and foster further digital financial inclusion in the country.
