Apple is in negotiations to launch its credit card, Apple Card, in India. This is being discussed with the HDFC bank. The discussions are in their infancy, and no definitive decisions have been made as of yet.

Apple has focused on India for the past two years because iPhone sales are projected to increase at an accelerated rate beginning in 2022. In India, iPhone sales increased by 50%, surpassing 33,500 crore rupees.

This quantity contributes significantly to Apple’s overall revenue. Using the Apple Card to convert this quantity would have a significant impact on them.

Apple Card

Customers who make purchases with the Apple Card can earn up to 1% commission, which increases to 2% when Apple Pay is used. Customers who use this card to make purchases at Apple stores and designated partners will receive a 3% cashback.

Apple does not charge Apple cardholders late fees, foreign transaction fees, returned payment fees, or annual credit card fees, but interest fees are charged for carrying a balance.

Apple cardholders can establish a savings account with a 4.15 percent yield and no minimum balance requirement to deposit their daily income.

Each customer will receive a card with a unique identifier for each device. The number is stored in a secure element that Apple Pay uses to process transactions and perform on-device cryptographic operations.

Apple is also in talks with the National Payments Corporation of India (NPCI) about the introduction of Apple Pay in India. Currently, an increasing number of payments are being made via mobile payment applications.