The news: Apple is reportedly in talks with Indian authorities about launching Apple Pay in the country and will speak to the National Payments Corporation of India (NPCI) to plan the rollout, two people familiar with the matter told TechCrunch.
The Big Tech firm is also reportedly talking with banks and regulators about launching the Apple Card in India, per Moneycontrol. Apple plans to partner with HDFC Bank for the co-branded card.
Zooming out: Apple can capitalize on strong digital payments use in India and the country’s credit card market, which is ripe for growth.
Why it makes sense for Apple:
What's the catch? Apple will have to compete against major card issuers American Express, Axis Bank, and the State Bank of India (SBI), which are all established in the market. And homegrown firms PhonePe and Paytm have a stranglehold on India’s digital payments. That could make it tough for Apple to stand out and build market share.
This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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