Apple plans to introduce its credit card in India and collaborate with HDFC Bank.
Apple Inc. is preparing to introduce its credit card, also known as Apple Card, in India in an effort to take advantage of the expanding prospects in the country’s financial sector. According to sources cited by Moneycontrol, the iPhone maker intends to collaborate with HDFC bank to offer its credit card to its Indian clients.
Tim Cook, the CEO of Apple, met with Sashidhar Jagdishan, the CEO and MD of HDFC Bank, in April, according to unnamed individuals who spoke to the business website.
The discussion over the Apple Card is still in its early stages, and no firm decision has been made as of yet. According to Moneycontrol, Apple Inc. executives have spoken with the Reserve Bank of India (RBI) on the legality of the card in addition to the CEO of HDFC Bank. The RBI instructed Apple to follow the standard approach outlined for other co-branded credit cards. The iPhone maker will not receive any special favors in order to launch its credit card in India, according to the central bank of India.
Both Apple and HDFC Bank have not yet released any formal announcements on the transaction. The RBI has not made any public announcements either.
Apple now runs its premium credit card in the USA. In partnership with Mastercard and Goldman Sachs, the card was introduced. It is marketed as a high-end product and is constructed of titanium metal.
Customers may earn up to 1% cashback when using their Apple Card to make routine transactions with a physical card; this amount rises to 2% when using Apple Pay. The cashback rate reaches 3% for people who use the card to make purchases at Apple shops and certain partners.
Apple does not impose late fees on users of its Apple cards. The business does not impose fees for yearly credit card fees, returned payments, or overseas transactions. Users must, however, pay interest charges created by holding a balance.
Savings: Holders of Apple cards may create 4.15% savings accounts with no minimum balance requirements in which to put their daily cash.
Each device will have a different card number for each consumer. The number is kept in a secure element that Apple Pay uses for on-device cryptographic operations and transaction management.