Global tech-giant Apple and Indian private lender HDFC Bank are exploring multiple financial technology tie-ups including an UPI-integrated Apple Pay app, people familiar with the development said.
“Yes talks have happened regarding a potential tie-up, the discussions were wide ranging involving Apple’s fintech plans in India, but at this moment there is nothing on the table to say whether any launch will happen in the near future,” said an official close to the development. ET had earlier reported that Apple chief Tim Cook met HDFC Bank chief Sashidhar Jagdishan during his April visit to India. High on the agenda was a possible launch of Apple Pay in India, sources indicated.
A person familiar with HDFC Bank’s strategy said the talks between the two sides had included Apple Pay.
But another person in the know said from an Apple Card perspective, discussions with HDFC Bank may have happened but “whether that is coming into action, is not happening.” The person added that Apple does not intend to launch Apple Card in India.
Apple had tied up with Goldman Sachs in 2019 to launch Apple Card for its users in the United States, was introduced in 2019, and followed up with a high-yield savings bank account in April this year.
Apple had also indicated in 2017 that it plans to bring its payment service in India but those plans were shelved in 2018 after running into a regulatory grey zone that had also impacted Whatsapp’s UPI integration.
Recently, Apple has also engaged in multiple rounds of talks with the National Payments Corporation of India (NPCI) to launch Apple Pay, its own payment service, resuming efforts after the company ran into design hurdles and a challenging regulatory environment due to the data localisation rule, ET had reported earlier.
If the talks materialise, the technology behind Apple Pay will run on the UPI platform where Apple users can make UPI payments without using any other third party app, peo ..