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According to two sources, Apple has been in talks with NPCI to launch Apple Pay in South Asia, hoping to compete with Walmart’s PhonePe, Google’s GPay, and Paytm.
People familiar with the matter said Apple is working on a localized version of Apple Pay that works with UPI, a popular South Asian payment mode. CEO Tim Cook met with bankers during his recent visit to India. The Reserve Bank of India’s special division, NPCI, manages UPI.
The people, who requested anonymity, said Apple wants Indian iPhone users to scan QR codes and initiate UPI transactions without using a PSP app.
Apple did not respond to May 24 inquiries. Apple Pay’s India talks resumed unannounced.
The iPhone maker, which opened its first Indian retail stores in April, has discussed Apple Pay with authorities for years. Apple executives told the press six years ago that Apple Pay would come to the country, but they never followed up.
According to one source, Apple suggested to Indian authorities that Apple Pay could use iPhone Face ID for UPI authentication.
The people cautioned that the company has yet to finalize its partners and launch date, suggesting a launch may be a few quarters away.
Apple Pay is unlikely to disrupt incumbents in the ecosystem, which processes over 8 billion UPI transactions a month. Android powers 90% of Indian smartphones.
