It is reported that Apple is gearing up to bring its payment solution app in the markets of India and it is dubbed Apple Pay. It is already available in the global markets and how the company is reportedly talking with banking institutions in India to launch the service in the country.
Apple is expected to launch Apple Pay in India either by the end of September or in October. In the initial stage, it will support Visa and Mastercard credit cards.
It is also expected to enable contactless payments through compatible iPhones and Apple watch models at NFC-enabled point-of-sale terminals. It is also believed that users will be able to add eligible cards to Apple Wallet and authenticate payments using the existing security features of Apple.
Apple is believed not to support UPI at launch, as it still needs approval from the National Payments Corporation of India (NPCI) and a sponsor bank partnership to enable UPI transactions. The company is reportedly negotiating the fee it would receive from card issuers. Apple is seeking around 15-20 basis points from each transaction, while some banks have proposed 10 basis points.
So let’s wait for the launch and you guys are recommended to stick with us for more updates at your fingertips.
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