India’s cashless revolution may soon see an all-new player, Apple. With the likes of Google, Paytm and others already plying their trade here, Apple Pay is the latest to be arriving here. In an interview with LiveMint, Apple’s VP, Eddy Cue said the US company definitely has India on the list. “Our head of Apple Pay, Jennifer Bailey, is here with me. And Apple Pay is something that we definitely want in India,” Cue said.
Even though Cue clearly declared India as a priority, he did not share a particular time frame. The executive also added that it will be challenging to launch Apple Pay in an India with diverse needs. He added, “The challenge with payment mechanisms is that there isn’t really a lot of global scale. You deal with individual markets at a time… but India is one of those markets where we hope to bring Apple Pay to,”
Whenever Apple Pay arrives in India, it will likely not be a threat to current established services like Paytm as Apple will work with them. Eddy Cue emphasized this when he said, You have some great payment mechanisms today and we will leverage all of that in doing this. That’s one of the advantages that we have with Apple Pay – Apple Pay isn’t trying to come up with a brand new payment vehicle, so the fact that people like Paytm are doing well here is great. The fact that credit cards are doing well here is great. We just need to integrate with the popular ones and make the service available.”
Apple’s plans to enter India come at a time when big services like WhatsApp are close to launching a UPI service here. Even Google has launched Tez, and Samsung has introduced Samsung Pay in a limited manner.