Cupertino based tech giant Apple is looking to enter the booming digital payments space in India with Apple Pay following the lead from biggies like Amazon, Flipkart, WhatsApp, Hike and others. To that end, the tech giant is reportedly preparing to partner with local players that already have an established presence in the country.
The development comes at a time when Apple has doubled down on its efforts to strengthen its presence in the Indian market. Apple has already been assembling some of selected iPhone models in the country. The phones are currently being manufactured for the company by Taiwan-based original equipment manufacturer (OEM), Wistron.
The US tech giant has been in talks with Indian officials for the last several months. In December 2016, it had reportedly appealed to the Indian Government to relax labelling rules so that it doesn’t have to print product-related information directly onto devices. It had also sought 30% tax exemptions for local sourcing of components from the revenue department and department of electronics and telecommunication.
Apple Senior VP Eddy Cue recently revealed plans to launch Apple Pay to cater to its growing customer base in India. In his statement he mentioned,
“Apple Pay is something that we definitely want in India. The challenge with payment mechanisms is that there isn’t really a lot of global scaling. You deal with individual markets at a time, but India is one of those markets where we hope to bring Apple Pay to.”
He further added,
“India has some great payment mechanisms today and we will leverage all of that in doing this. That’s one of the advantages that we have with Apple Pay. It isn’t trying to come up with a brand new payment vehicle, so the fact that people like Paytm are doing well here is great. The fact that credit cards are doing well here is great. We just need to integrate with the popular ones and make the service available.”
All these developments point towards Apple’s growing interest in the ever growing Indian Digital Payments segment.