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Highlights
- Apple Pay, a new payments service has been introduced by the Cupertino tech giant has launched in India.
- It will work on different devices such as iPhones, Apple Watch, and iPads.
- For the Macs, the support is expected to come soon.
Andrew Bonwick
Vice President of Product Development at Relm Insurance
Madhav Sheth
CEO of Ai+ Smartphone
Stephen Rose
CEO Render Networks
Apple Pay, a new payments service has been introduced by the Cupertino tech giant has launched in India. It will work on different devices such as iPhones, Apple Watch, and iPads. For the Macs, the support is expected to come soon. Apple Pay has launched in a market where plenty of payment apps running on top of UPI are fighting amongst each other for market share. One of the platform which has tried its best, yet been unable to crack the payments market is WhatsApp. WhatsApp, despite having more than 400 million users in India has not been able to achieve the success with the payments service it had hoped and many expected it to achieve.
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So will Apple Pay be able to do that?
Apple Pay to Bet on the Ecosystem, Not Cashbacks
Apple is unlikely to be as aggressive with offers and cashbacks as the other new payment apps do. The company is likely going to bank on the ecosystem for growing in India.
Tarun Pathak, Research Director, Counterpoint Research told TelecomTalk, “I think for Apple its less of worrying about competition but more of deepening its ecosystem connect and Apple pay adds another layer to the same with the promise of privacy, security and seamless experience. Merchants get to tap in a premium user pool with possible high spending power, and this is likely to scale further while more banking partners are being onboarded.”
Apple has won over customers in India and the global market with an ecosystem appeal. Apple Pay will just do that. As of now, only Axis Bank has been onboarded over the platform. In the coming days and weeks, we expect that more banks will be onboarded by Apple Pay, giving a wider user base access to the service.
