Apple’s senior vice president for internet software and services Eddy Cue has said that the company, which has been focusing on India as its next growth market, wants to bring Apple Pay also to India. Cue told Economic Times that Apple would be open to all payment mechanisms from MasterCard to Visa or whatever else might work in India.
Bringing Apple Pay to India seems to be a logical next step for the technology major which rolled out Apple Music and other related services in India a couple of years back. While Apple commands a sizeable chunk of the top-end smartphone markets in India, its market share overall is not that high at a mere 2.30 per cent in Q2 2017. But Apple commands the market when it comes to the elite, spending Indian and that is where Apple Pay could make an impact. Yes, it will be a convenience in a market like India and getting to a US-like situation where a good number of transactions in offline stores are routed through the platform is a few years away.
Also, there is the question of whether it will take off at all. Samsung did its bit Samsung Pay and got thousands of retailers to set up POS machines that can accept this payment. However, it is rare to see someone tap their Samsung phone to pay for anything.
In India, where the credit card market itself is so small, we have to realise that an Apple or Samsung mobile payment fed by this will be just a fraction of even that number. While it is good to see Apple take the Indian market seriously, it will take a while to see if Apple Pay actually pays off for the Cupertino company.