© Reuters. Apple aims to launch Apple Pay in India
to gasoline – Apple Inc (:NASDAQ:) aims to launch its Apple Pay payment service in India, which is dominated by PhonePe of Walmart Inc’s (NYSE:WMT), GPay Alphabet (NASDAQ:) Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) is Paytm.
According to TechCrunch, iPhone owners in India should be able to scan QR codes and make UPI transactions without using any payment service provider apps.
Apple CEO Tim Cook met with bankers during his recent visit to India and is working on a localized version of Apple Pay that works in addition to UPI, a popular payment method in the South Asian market.
During recent talks with some Indian authorities, Apple suggested that Apple Pay could leverage Face ID for UPI authentication on iPhones.
Apple intends to confront the NPCI and other Indian authorities in the coming weeks. NPCI, a special division of the Reserve Bank of India, oversees the UPI platform.
India is a small market for Apple, where more than 90% of all smartphones are equipped with Android.
In 2023, Walmart reportedly committed over $2.5 billion to India to tap India’s e-commerce and payments markets.
Price movement
AAPL shares fell 0.51% to $186.04 in the latest pre-market check on Friday.
Read the article also in Benzinga Italy