Apple to introduce its payments service in India
Apple Inc. wants to launch its payment solution, Apple Pay in India. The booming digital payments business in India will help the company to boost its presence in India.
Eddy Cue, the senior VP of Apple revealed companies interest of launching Apple Pay for Indian customers. The tech giant is also exploring possible partnership options with the India-based company to launch its proprietary payment service. Cue heads Apple's internet software and services business from last three decades.
In an interview conducted at Apple's Hyderabad development center, Cue appreciates the digital payments technologies that Indian startups have developed. The Apple veteran believes that the challenge with digital payments is scaling it at the global level. Apple Pay is one of the popular payments services in the US.
The payment service by Apple is highly advanced compared to existing solutions in India. The easy payment transfer with NFC has become very popular in the western markets. The low penetration of NFC is the prime concern why Indian startups haven't been able to innovate much with the way transactions are made.
In India, Apple Pay can integrate the nationwide Unified Payments Interface (UPI) to enable easy transactions. The payment service can work with the debit card, credit card, and digital wallets as well. The real challenge that Apple will face while on-boarding merchants on the platform. However, if the brick-and-mortar stores are enabled with NFC-based physical terminals, the experience of transacting with digital wallets can be seamless.
The company will also face a tough competition in the Indian market. Majority of the market dominated by PayTm. The digital wallet company has recently launched Paytm payment bank. Google recently announced its UPI-based Tez app designed for India. Apple will have to customize the Apple Pay if they want to bring it to India. Cue also stated that Apple is building new products and enhancing existing products to enhance the experience for Apple users in India.