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Economy
Mahesh

24/06/23 07:49 AM IST

Back Apple to launch its credit card in India, planning to tie-up with HDFC Bank

In News
  • Apple Inc is planning to launch its credit card in India, also known as Apple Card.
  • The iPhone maker is planning to tie up with HDFC bank to bring its credit card to its Indian customers.
Features of Apple Card
  • Customers using the Apple Card for making regular purchases with the physical card can earn upto 1% of cashback, which increases to 2% if payment is done with Apple Pay. For those who are using the card for making payment at Apple stores and selected partners, cashback percentage reaches to 3%.
  • There is no late fees charged by Apple to its Apple card holders. The company does not charge on foreign transaction, returned payment, or annual credit card fees. However, users have to pay interest fees generated for carrying balance.
  • Savings: Apple card owners can open 4.15% savings account (No minimum balance limit) to deposit their daily cash.
  • Every customer will get a unique card number for each device. The number is stored ina secure element which is used by Apple Pay to handle transactions and on-device cryptographic functions.
Why India?
  • India has been a focus country for Apple for the last couple of years, with iPhone sales growing at a rapid pace, albeit from a low base.
  • Apple's revenue in India touched around Rs 50,000 crore or $6 billion in FY23, representing a 50% growth over Rs 33,500 crore (around $4 billion) in FY22.
  • Apple's global services revenue stands at around $80 billion. Converting a significant portion of these transactions through the Apple Card would have a substantial impact.
  • Apple currently holds approximately 4% of the overall smartphone market in India, which accounts for roughly two crore users.
  • If 20-30 percent of Indian smartphone users switch to iPhone over the next decade, as is the case in other middle-income countries, India could become Apple's third-largest market, after the US and China.
Source- Business Standard

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