We say “restarts” because this isn’t the first rodeo for the company. Apple has been trying to launch Apple Pay in India for a while now. In 2017, the company had discussions with the National Payments Corporation of India (NPCI a special division of India’s central bank) about bringing Apple Pay to the country. However, those talks fell through due to disagreements about fees and other conditions. Now, Apple is restarting talks with the NPCI about launching Apple Pay in India.
Apple CEO Tim Cook met with bankers in India recently to discuss plans for a localized version of Apple Pay that would be compatible with UPI, a popular payments system in India. UPI is governed by NPCI. Apple Pay would allow iPhone users in India to scan QR codes and make UPI payments directly, without needing a separate payment app. This would be a convenient way for Apple users to make payments in India.
However, Apple’s job will not be easy. Mobile payment methods are currently dominated by other players such as PhonePe, Google Pay, and Paytm. Yet, as of 2023, it is estimated that about 10-12 million people in the country use iPhones. These individuals would likely choose to use Apple’s own system if given the option. So, the company is already competition-ready, even though nothing has been finalized yet. Still, only time will tell whether Apple Pay will be successful in India.