Apple to Launch Its First Credit Card in India in Partnership with HDFC Bank

Apple’s co-branded credit card: Apple is planning to launch its first credit card in India, in collaboration with HDFC Bank. The credit card will be a co-branded offering between the two companies.

Unofficial confirmation from insider sources: According to industry insiders, Apple is in talks with HDFC Bank to partner in introducing its credit card in India. However, no official statement has been released by Apple or HDFC Bank regarding this collaboration.

Meeting between Tim Cook and HDFC Bank CEO: During his visit to India in April, Apple’s CEO Tim Cook had a meeting with Shashidhar Jagdishan, the CEO and MD of HDFC Bank.

No late payment fees: Similar to its practice in the United States, Apple’s credit card in India is expected to waive any late payment fees. However, users will still be required to pay interest on their outstanding dues. Additionally, Apple may offer cashback and instant discounts on purchases of Apple products made through the card.

Discussion with Reserve Bank of India (RBI): Apple officials have also held discussions with the Reserve Bank of India (RBI) regarding the necessary processes and regulations for introducing the credit card in the country. RBI has clarified that Apple will not receive any special exemptions for launching its credit card in India.

Limited availability outside the US: Currently, Apple only issues its credit cards in the United States. The company had launched its card in partnership with Goldman Sachs and Mastercard.

Competition from other tech companies: The news of Apple’s credit card launch in India comes at a time when other tech giants like Amazon, Samsung, and Google have already introduced their co-branded credit cards in the Indian payment sector.

Apple’s focus on the Indian market: Apple has been increasingly focusing on the Indian market in recent years, especially in terms of manufacturing and exporting iPhones

Apple’s growing presence in India: With its significant iPhone export numbers and becoming the first brand to achieve a valuation of $5 billion (40,951 crore rupees) in financial year 2022-23 (FY23), Apple has established itself as a prominent brand in India.