According to latest updates, Apple Pay is set to launch for the Indian markets next month, after almost a decade of its launch in the US markets. While the company has not yet declared one official date for the launch or complete list of the participating banks, speculations are that it will be launched in October with Axis Bank. With the arrival of the service, Apple users nationwide will be able to avail the service and here’s a look at what can be expected out of the same.
A burning question in people’s mind would be why is now the right time to enter the Indian market with Apple Pay? That is because of the sheer number of users which has exponentially grown. Moreover, with the transaction process heavily dependent on digital payments rather than using cash, this is a good time to offer more services in this sector. Card security and authorization structures have also evolved. And lastly, the Apple X Bank collaborations have strengthened.
Think of Apple Pay as that extra layer of security between merchant transaction and your confidential bank details. Hence, the flowchart moves from bank credit card, Apple Wallet, Apple Pay, card network and the merchant transaction. In fact, one major advantage in today’s age of data theft is that Apple Pay saved a device –specific account and transaction –specific security data which protects your actual bank details.
Moreover, with the service launching in India, one can only put it to use if their bank, credit-card, and Apple device are eligible along with contactless payment accepted by the merchant. They can be used physically in stores or digitally through apps and websites with authentication like Face ID, Touch ID or mandatory pass codes.
In the West, Apple Pay is auto-linked with auto devices including the watch. But whether it will be available in India or not, can only be confirmed once the service actually launches in the country.
While many features will be available these four will not be present at the time of the launch. First, Apple Cash will not arrive simultaneously with Apple Pay. At the moment this is a US-only service. Second, there is no confirmation that a separate Apple Card will be issued. Right now, the idea is to integrate existing financial services with Apple and not introducing a new one. Third, since the launch is focusing mostly on credit card users, one should not expect immediate reflection on UPI transactions through Apple Pay. Four, today’s payment process has become the story of the QR codes. But remember Apple Pay is more about tap and pay rather than scan and pay, at least for the moment.
Future upgrades to look forward to
After its initial launch one may expect in the future integration with UPI, participation of more Indian banks, supporting debit-card transaction (right now limited to credit card only), RuPay features, upgraded wallet features like smooth switching between two cards, or account balance information display etc, and EMI options.
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