September 24, 2023
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Apple Set to Launch Apple Pay in India, Targeting Dominant Players in the Payment Space

In a strategic move to enter the highly competitive Indian payment market, Apple has reportedly engaged with Indian authorities and officials to prepare for the launch of its payment service, Apple Pay. The tech giant aims to establish a strong foothold in a space currently dominated by Walmart’s PhonePe, Google’s GPay, and Paytm.

According to reports, Apple plans to hold discussions with the National Payments Corporation of India (NPCI) to pave the way for its entry into the Indian market. To cater to the specific requirements of Indian users, Apple is developing a localized version of Apple Pay that will operate on top of the Unified Payments Interface (UPI), as revealed by a TechCrunch report.

The localized version of Apple Pay will enable iPhone users in India to conveniently scan QR codes and initiate UPI transactions without relying on any third-party payment service provider (PSP) application. This move aims to provide users with a seamless and integrated payment experience directly within the Apple ecosystem.

Furthermore, during recent discussions, Apple proposed the integration of Face ID for UPI authentication on iPhones, potentially enhancing transaction security with an additional layer of biometric verification.

Apple’s efforts to bring Apple Pay to the Indian market have been underway for several years, but progress has been limited until now. However, the recent engagement with Indian officials indicates a renewed commitment from Apple to launch its payment service in India.

While Apple has not released an official statement regarding these developments, sources suggest that the company is still finalizing its partners and the launch date for Apple Pay in India. As a result, a full-scale rollout is anticipated to take a few more quarters.

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In summary, Apple is gearing up to introduce Apple Pay in India, aiming to challenge the dominance of established players in the payment space. By developing a localized version of Apple Pay that integrates with UPI and potentially incorporating Face ID for added security, Apple is poised to offer Indian consumers a seamless and secure payment experience through its ecosystem.