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Apple Inc (NASDAQ:AAPL) eyes the launch of its payments service Apple Pay in India, which is ruled by Walmart Inc's (NYSE:WMT) PhonePe, Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google's GPay and Paytm.
Apple wants iPhone customers in India to be able to scan QR codes and initiate UPI transactions bypassing any Payment Service Provider app, TechCrunch cites familiar sources.
CEO Tim Cook met with bankers during his recent visit to India and is working on a localized version of Apple Pay that works atop UPI, a popular payments mode in the South Asian market.
During its recent conversations with some Indian authorities, Apple suggested that Apple Pay could leverage Face ID for UPI authentication on iPhones.
Apple plans to engage with NPCI and other authorities in India in the coming weeks. NPCI, a special division of India's central bank Reserve Bank of India, oversees the UPI platform.
India is a small market for Apple, where over 90% of all smartphones run Android.
In 2023, Walmart reportedly earmarked over $2.5 billion in India to tap India's e-commerce and payments markets.
Price Action: AAPL shares traded lower by 0.51% at $186.04 premarket on the last check Friday.
Benzinga now provides actionable financial news and trading ideas for the Indian financial markets on in.benzinga.com.
Photo by christiann-koepke via Unsplash
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