There are reports that Apple has plans to launch its own credit card in India in partnership with HDFC Bank. According to Money Control citing two internal sources, Apple’s CEO, Tim Cook, met with HDFC Bank CEO and MD Sashidhar Jagdishan during his trip to India in April. The talks are still in the early stages, but there are reports that the company is also in talks with banks and relevant agencies about the launch of the Apple Card (credit card) in India. Money Control also claims that the company is also holding talks with the National Payments Corporation of India (NPCI). The company needs to know if it is possible to launch Apple Pay in India.
Apple’s Credit Card
Apple currently operates a premium credit card in the United States in partnership with Mastercard and Goldman Sachs. The card is built on ease, transparency, and privacy. The company claims that it is designed to help users lead a better financial life. It is built into the Apple Wallet app on iPhone and offers users a familiar experience with Apple Pay and the ability to manage their cards right on iPhone. Apple Card transforms the entire credit card experience by making the application process simple. Apple claims that it also removes fees and encourages users to pay less interest.
India is a huge market for Apple, and the company has been trying to expand its presence in the country for years. According to Statista, India has a relatively low credit card penetration rate. Zee Business reports that India has about 86 million credit cards in circulation. This is quite low considering that the country has over 1.4 billion people.
Benefits of Apple Credit Card and Apple Pay
Apple Card is a credit card created by Apple and designed to help you lead a healthier financial life. It offers a range of benefits that make it stand out from other credit cards. In this article, we will discuss the benefits of Apple Card and Apple Pay.
Benefits of Apple Card
Daily Cash Back
Apple Card offers up to 3% Daily Cashback on purchases with no fees. With every purchase you make using your Apple Card with Apple Pay, you get 2% Daily Cashback. No points to calculate. No limits or deadlines. Just real cash you can spend, send, or save and grow over time. You can also get 3% Daily Cashback on purchases made directly from Apple, including at Apple Stores, on the App Store, and for Apple services.
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No Fees
Apple Card has no fees. No annual fees, no late fees, no over-limit fees, no foreign transaction fees, and no fees for paying late. This makes it easier for you to manage your finances and avoid unnecessary charges.
Advanced Security
Apple Card offers advanced security features like Face ID, Touch ID, and Apple Pay. These features give you an enhanced level of privacy and security. Apple Card also uses machine learning and Apple Maps to make sure that your transactions are legitimate.
Financial Health
Apple Card supports your financial health through smarter tools and greater transparency. It eliminates fees, and provides innovative tools for managing your spending and reducing your interest. It also helps users build their savings and has a higher bar for privacy and security. All in the name of helping you and your Apple Card Family live a more financially healthy life.
Benefits of Apple Pay
Convenience
Apple Pay is a safer way to pay that helps you avoid touching buttons or exchanging cash. You can use it to make purchases in stores, in apps, and on the web. 85 per cent of merchants in the United States accepts Apple Pay. If this happens in India, it will make purchases much easier.
Security
Apple Pay is more secure than using a physical credit card. When you use Apple Pay, Apple will not store your credit card number on its servers. Instead, a unique Device Account Number is assigned, encrypted, and securely stored in the Secure Element on your device.
Daily Cash Back
As mentioned earlier, when you make purchases using Apple Pay with your Apple Card, you get 2% Daily Cashback. This makes it a great way to earn cash back on your purchases.
Easy to Use
Apple Pay is easy to use. You can add your credit or debit card to Apple Pay in just a few simple steps. Once you have added your card, you can use it to make purchases with just a touch or a glance.
Final Words
Apple’s entry into the Indian credit card market is a big move for the company. It is one that could have a major impact on the Indian financial landscape. There is a rapidly growing middle class and a relatively low credit card penetration rate. Thus, India presents a huge opportunity for Apple to expand its user base. The company can tap into a new market.
Apple Card and Apple Pay offer a range of benefits that make them a great choice for anyone looking for a credit card or a payment method. With features like Daily Cashback, no fees, advanced security, and financial health tools, Apple Card is a great way to manage your finances. And with the convenience, security, and Daily Cashback of Apple Pay, it is a great way to make purchases in stores, in apps, and on the web.
