After the demonetization in India, there has been a change in the market. Now, e-wallets and UPI payments solutions are the new preferred payment platforms, especially among the youth. This is to keep in mind, Apple has revealed that it is looking to bring its Apple Pay services to the country.
In an interview with The Mint, Eddy Cue, Senior Vice President, Apple said the company desires to bring its Apple Pay mobile payments service in India. “Our head of Apple Pay, Jennifer Bailey, is here with me. And Apple Pay is something that we definitely want in India,” Cue said.
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Last year, Samsung announced its Samsung Pay payment service India. By providing special hardware in its devices, Samsung users can pay through their phones using any old PoS terminal without any use of Bluetooth. And this year, Google launched it’s Tez UPI based application for Android and iOS devices. So now, Apple believes starting from the scratch and competing with the Paytm and other wallet services are not going to help it. Instead the company is looking to partner with well-established companies to integrate the payment solution.
“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. It 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,” said Cue.