Indian market is now flooded with the E-wallets like Samsung Pay, PayTM, PhonePay, Amazon Pay etc. So, the next big player which is going to enter into this segment is the Apple Pay, which has millions of users worldwide.
The Apple Pay team in India will be led by Apple’s Senior vice president for Internet and Software and services. However, instead of directly attacking the market, the company is pairing up with already accepted payment partner like PayTM, which has a huge fan base in India (gained after demonization). However, as of now, there is no information regarding the exact launch date of the service in India.
Here is an official press statement from the Eddie Cue:
“Apple Pay is something that we definitely want in India. 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. 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.”
So, If you are interested in using the Apple Pay service, then one should have either Apple iPhone SE or later version. Apple Pay is always known for its easy to use interface and authentication via Touch ID and Face ID (0n Apple iPhone X). which doesn’t require any pin or password. Can you think Apple can get a chunk of the Indian E-Wallet market?