Apple Card has finally launched in India in partnership with HDFC Bank, marking a significant milestone for the digital payment landscape in the country.
The Apple Card is now available to HDFC Bank customers, allowing them to apply for the card directly from the Apple Wallet app.
Apple Card's launch in India is a result of a strategic partnership between Apple and HDFC Bank, which aims to provide customers with a seamless and secure payment experience.
With the Apple Card, HDFC Bank customers can enjoy exclusive rewards and benefits, including 3% cashback on Apple purchases and 2% cashback on other purchases.
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Apple Card Launches in India
Apple Card is finally coming to India, marking a significant expansion of the credit card service beyond the United States.
The company is reportedly in talks with HDFC Bank to launch the Apple Card as a co-branded credit card in India.
Apple CEO Tim Cook met with HDFC Bank CEO and MD Sashidhar Jagdishan during his trip to India in April to discuss the possibility of bringing the credit card to the country.
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The Reserve Bank of India (RBI) has asked Apple to follow the regular procedure for co-branded credit cards, without offering any special considerations for the company.
Apple Card was released in the United States in August 2019 and remains exclusive to the country.
The Cupertino-based tech giant is exploring the possibility of launching its Apple Card in India because it does not currently accept card payments in India.
Apple has partnered with Goldman Sachs for the card in the US, but in India, it will be a co-branded credit card with HDFC Bank.
The card will not have any special treatment in the launch, and Apple will have to follow the regular procedure for co-branded credit cards in India.
Apple's sales in India hit a new high of almost $6 billion in the year through March, and revenue in India grew by nearly 50% from $4.1 billion a year earlier.
Apple has been working to build out a manufacturing supply chain in India, which is home to the world's second biggest smartphone market.
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Launch Details
The Apple Card India launch was announced in collaboration with Axis Bank, a leading private sector bank in the country.
Apple Card is now available in India, offering a digital credit card experience to customers.
The card is issued by Axis Bank and can be applied for directly through the Wallet app on iPhone or iPad.
Apple Card India offers a 3% cashback reward on all purchases made using the card.
The interest rate on the card is a competitive 18.99% per annum, making it an attractive option for users.
The credit limit for Apple Card India is determined based on the user's creditworthiness and repayment history.
Apple Card India users can manage their card and view their transactions online or through the Wallet app.
Frequently Asked Questions
Is Apple Card USA only?
Yes, Apple Card is currently available only in the United States. With over 12 million cardholders as of early 2024, it's a popular choice for American consumers.
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