Apple planning to launch credit card in India in partnership with HDFC Bank: Report

Apple is currently in talks with HDFC Bank and regulators to launch a credit card in India, reported Moneycontrol. Apple CEO Tim Cook held a meeting with HDFC Bank CEO and MD Sashidhar Jagdishan during his India visit back in April this year.

The report also reveals that the tech giant is discussing modalities of the credit card with the Reserve Bank of India (RBI). It further adds that RBI has told Apple to follow the regular procedure for co-branded credit cards, without offering any special consideration for the company.

As per the report, Apple is aiming for significant deviations from the co-branded credit card model in India. However, given the rumours of HDFC Bank not granting that, it is unclear if the company is ready to make compromises just yet.

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Notably, Apple is planning to launch a credit card in India co-branded with HDFC Bank but it is still in discussion and no final decision has been made yet.

As per the report, a source stated, “Apple works only with the biggest and the best and hence the discussions with HDFC Bank. While a lot goes into building partnerships, banks and other brands would be willing to sweeten the deal terms to get Apple on board.”

A report by TechCrunch also revealed that Cook is working on a localised version of Apple Pay that works atop of UPI. Apple wants iPhone users in India to be able to scan QR codes and initiate UPI transactions without having to download any PSP app. It further adds that the company recently suggested that Apple Pay could use Face ID for UPI authentication on iPhones.

Apple is currently eyeing India for investments and manufacturing as it aims to move away from China due to growing tensions between the US and China. Apple recently opened its two physical stores in India: Apple BKC in Mumbai and Apple Saket in New Delhi.

Apple has significantly increased its iPhone production in India, with output tripling to $7 billion in FY23, reported Bloomberg earlier this year. This is mainly because India has rolled out a spate of incentives to boost local manufacturing, which has caught the eye of both Apple and its contract manufacturers like Foxconn Technology Group and Pegatron Corp.

During the US visit of PM Narendra Modi, Cook also attended the State Dinner held at the White House in honour of PM Modi.

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