Apple Pay services may soon hit the high growth Indian market

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Technology giant Apple, may introduce Apple Pay, a digital payment solution service, in India. In an interview published by Mint newspaper, Apple’s Senior VP, Eddy Cue, revealed that the iPhone making company now wants to expand its Apple Pay product in countries like India.

While trying to enter the Indian digital wallet market, Apple would be challenged by its rival Samsung Pay which was launched earlier in 2017. The booming industry of digital wallet in India has taken a steep rise in the last 20 months following launch of Reliance Jio 4G cellular service and the historic demonization initiative.

According to PayNxt360, the Indian mobile payment market is expected to record a CAGR of 108.4% from 2017-2021 to reach US$ 10,09,737 million in transaction value terms by 2021, increasing from US$ 53,521 million in 2017. In 2016, the market registered a growth rate of 133.7% over 2015, to reach US$ 19,844 million.

Apple Pay service will allow users to purchase, transfer money and receive money online. This is similar to what companies such as Google and Amazon have already introduced in India. Nevertheless, it is a possibility that Apple will not start the project from the scratch; rather it will collaborate with existing market players.

Apple Pay was initially launched by Apple in 2014 at the Flint Center during an Apple Event in September 2014. Since then the service has been launched in 21 countries worldwide. Some of the nations who are currently getting access to Apple Pay service include – United States, New Zealand, Australia, Canada and some selected Asian countries. Services such as Apple Pay Cash and person-to-person payments are only available in the US.

Meanwhile, Google is already ahead in the game of capturing digital wallet market in India. In September 2017, it has launched a mobile specific payment system named as ‘Tez’ that specifically meets the need of Indian consumers.

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