Apple has been hoping to launch its digital payment feature called Apple Pay India for a long time now. And guess what? Apple users in India will soon get the good news as the tech giant is planning to launch its payment service in the country.
Nowadays, the Indian market is dominated by Google Pay, Paytm, and PhonePe. However, not anymore! Apple Pay is predicated on making its much-anticipated entry into the Indian Fintech market shortly.
As per the sources, Apple has engaged in an initial-level discussion with the NPCI – National Payments Corporation of India. They are planning to introduce the localised version of the application, customised specially for the Indian market. And these preliminary talks between Apple and NPCI have given momentum, signifying that Apple Pay will soon be launched in India.
These days, India is emerging as a leading market for Apple. That’s why Apple is planning to enter the Indian digital payment market. They have a clear mission to offer a seamless and safe digital payment experience to their Indian phone users.
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What is Apple Pay?
Before we dive into how Apple Pay can benefit the Indian digital payment landscape, let us first briefly understand what Apple Pay is.
Apple Pay is a contactless payment method introduced by Apple that uses NFC technology. It simply means that users can make payments by simply holding their Apple Watch or iPhone near the contactless reader. The idea behind it is users can ditch their physical wallet and, instead of it select the more convenient option for carrying credit and debit cards in their Apple devices.
However, do you know what is the big challenge in India?
It is that most Indian smartphones and POS machines do not support NFC.
How Will the Indian Digital Payment Landscape Transform With It?
Let’s understand in-depth how Apple Pay in India will bring revolution in the existing payment landscape.
Soon, Indian iPhone users will be able to scan QR codes and execute transactions through the UPI – Unified Payment System, just like other well-known digital payment apps. In short, this feature will improve convenience and streamline the payment process for Apple Pay users.
As per the report, Tim Cook (CEO of Apple) met with the Indian authorities and tried to negotiate Apple Pay’s localised version. So, Apple Pay India users will be able to do their UPI transactions without using any third-party apps. Besides, Apple also wants that users can confirm UPI transactions via the Face ID feature. It is still in process. Besides, Apple has not geared up for negotiations with local bank partners up till now.
They introduced the Apple Pay Later feature in March. We will discuss it in the next section. First, let us understand what features Apple Pay is already offering to its existing users.
Apple Pay is already available in various countries of the Asia-Pacific region. Let us brief you about what features it offers to them.
- Apple Pay offers secure, simple, and private payment solutions for Apple device users such as iPad, iPhone, Apple Watch, and Mac devices.
- Using it, users can seamlessly integrate their debit, credit, and prepaid cards of banks and issuers that support Apple Pay.
- In short, it offers a versatile and a hassle-free payment experience to the users.
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Apple Pay Later
Earlier this year, Apple introduced its cutting-edge service popularly known as – Apple Pay Later in the US. This innovative feature lets users split their expensive purchases into four payments. And, do you know what is the impressive thing about it? Users do not need to pay any additional charges or interest charges.
They can easily track and manage their Apple Pay Later pending amounts via a dedicated section present in the Apple Wallet. It makes repayment effortless.
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Expected Launch Timeline – Apple Pay India
It is expected that the arrival of Apple Pay in India is still a few quarters away. The reason behind it is that its decision is on partners. Also, there is no official statement received from any involved parties yet.
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Concluding Remarks
In a nutshell, as Apple gears up for the launch of Apple Pay India, as per the expectation, the country will experience a significant transformation in the digital payment landscape. With its cutting-edge safety measures, seamless integration, and user-friendly features, Apple Pay is planning to revolutionise the way Indian people make digital payments. Once the discussion between Apple and NPCI is finalised, eager Apple users of India expect the entry of this game-changing digital payment platform.
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