For a long time, Apple has been anticipating the debut of its payment service, Apple Pay, in India. According to reports, Apple intends to meet with local regulatory organizations, notably the NPCI – a special division of India’s central bank, the Reserve Bank of India.
Apple Pay would enter a very competitive market with firms such as PhonePe, GooglePay, WhatsAppPay, and Paytm, among others.
According to reports, Tim Cook met with Indian officials to discuss a localised version of Apple Pay in which customers would be able to scan QR codes and initiate UPI transactions without the use of third-party apps. Apple also wants consumers to utilise the Face ID function to confirm UPI transactions.
Apple, on the other hand, has yet to get into negotiations with local partners (banks). Apple launched “Apple Pay Later,” a purchase now, pay later option, in March, but only for a limited number of consumers in the United States.
Apple Pay Later, which was first revealed at the WWDC last year, allows consumers to divide the cost of an Apple Pay Purchase into four equal installments over six weeks, with no interest or late fees.