Apple mulls jumping India's digital payment bandwagon with Apple Pay

The company is considering partnering with existing digital payment service providers to integrate its payments services, rather than building a customised payment solution from scratch

Global technology major Apple is gearing up to bring its digital payment solution – Apple Pay -- to India soon, according to a news report in LiveMint.

The company is mulling partnering existing digital payment service providers such as PayTm to integrate its payment services, rather than building a customised payment solution from scratch to meet the requirements. This will not only accelerate the rollout process but also enable the company to have a substantial user base.

Following the digital India initiative, which gathered steam after the government’s demonetisation drive last year, many new players, including banks and telecom operators, have entered the digital payment business. Among the recent ones was the Airtel Payment Bank, which assures digital transactions using multiple modes like the universal payment interface (UPI).

In terms of competition, Apple’s direct competitor Samsung launched its digital payment solution – Samsung Pay – earlier this year in India. Unlike Apple’s plan for its digital payment service, the Samsung Pay service offers extensive payment options with the capabilities to store credit/debit cards within the app, allowing easy payment through online and offline modes.

The Apple Pay service is currently available only in 21 countries -- and that too with limited customised features based on the region’s requirements. The complete Apple Pay services – including person-to-person payments and Apple Pay Cash -- are available only in the US.