- Date : 28/06/2023
- Read: 3 mins
Get ready for the Apple Card in India! Find out their plans and the challenges they might face while launching in India.
- Apple plans to bring its Apple Card to India in collaboration with HDFC Bank.
- The Apple Card offers unique features like no annual fees or late fees.
- Regulatory challenges in India require adherence to specific guidelines for co-branded cards.
- These may shape the final version of the card.
Imagine a credit card that defies convention—no annual fees, no late fees, no markup fees, and not even an over-limit fee. And guess what? This extraordinary card is brought to you by none other than the world's most valuable company, Apple. After experiencing tremendous success with its store in India, Apple is gearing up to launch its very own credit card called the Apple Card.
Here’s what you need to know:
Apple's plan for India
In its pursuit to bring the Apple Card to India, Apple is currently engaged in discussions with banks and regulators. When Apple's CEO Tim Cook visited India in April, he met with Shashida Jagdishan, CEO and MD of HDFC Bank. Additionally, the company has held talks with the Reserve Bank of India about introducing the card. Sources reveal that the regulator has implored Apple to comply with the standard procedures for co-branded credit cards without extending any special considerations to the company.
Key highlights of Apple Card
The Apple Card made its debut in the United States in 2019 through a partnership with Goldman Sachs and Mastercard. Here are some key features of this card:
- No visible card number
- Zero annual, late, markup, or over-limit fees
- Virtual card operating on Apple Pay Network
- Physical card made of titanium working with Mastercard Network
- Customer services provided through messaging channels
- Following cash rewards equivalent to their Apple Cash Account:
- 3% on Apple Store transactions
- 2% on Apple Pay transactions
- 1% on physical card transactions
Also Read - How to maximise the benefits of your credit card reward points?
Regulatory challenges - Liberties that Apple can’t take in India
Launching the Apple Card in India comes with its own set of regulations and compliances that Apple must adhere to. Unlike in the US, where the card simply features the Apple logo, customer name, and bank name, Indian regulations require co-branded cards to follow specific guidelines.
Current co-branded credit card regulations in India prohibit the bank's partner from storing customer or transaction data. As per these regulations, the co-branding partner's role is strictly limited to marketing and distributing the cards, as well as providing cardholders access to the goods and services on offer. The co-branding partner is not even permitted access to information regarding transactions conducted with the co-branded card. Furthermore, even Apple platforms cannot store Apple Card details, which is unlike the situation in other countries where Apple operates.
Final thought
While the official launch date for the Apple Card has not been announced yet, it is evident that the technology giant has ambitious plans for India. Indian consumers eagerly await its introduction.
Find the latest articles on credit cards here.
Also Read - VR Tokens Register an 8% Jump After Apple Launches Its Own VR Headset. Here’s What You Should Know.
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