Another bite: Apple in talks with NPCI to launch Apple Pay in India

Apple India spokesperson in a statement said that they do not have comment on Apple Pay nor about interactions with NPCI

Apple users are in for another treat from the Cupertino-based iPhone maker. According to sources in the know, Apple may be looking to launch its Apple Pay services in India and is holding talks with National Payments Council of India (NPCI).

Apple Pay would be entering into a hyper-competitive segment with players like PhonePe, GooglePay, WhatsAppPay, and Paytm, among others.

This would be yet another major launch from Apple in India, after its store openings. Apple India spokesperson, in a statement, said that they do not have a comment on Apple Pay or about interactions with NPCI.

Sources also added that the launch of Apple Pay would be a natural progression for the company.

“Apple Pay discussions have been going on for sometime.

Apple Pay is more diversely used and a contact-less form of payment through iPhone and Apple Watch,” said a source on condition of anonymity.

India is one of the major markets within the Asia-Pacific where Apple Pay is not there. It is already there in countries like Hong Kong, Japan, Malaysia, Singapore, South Korea, Taiwan, New Zealand, Australia and China.

In its Q2 earning calls, Tim Cook, chief executive officer (CEO), Apple, said: “Looking at the business in India, we did set a quarterly record, grew very strong, double digits year-over-year. We’ve got a number of channel partners in the country as well that we're partnering with, and we’re very happy with things, overall. I couldn't be more delighted and excited by the enthusiasm I'm seeing for the brand there. There are a lot of people coming into the middle class. I really feel that India is at a tipping point, and it’s great to be there.”

The volume of UPI transactions in January 2023 was around 8 billion. The majority market share of UPI transactions is with PhonePe, Google Pay and Paytm.