Apple is reportedly in talks with HDFC Bank and Indian regulators to launch a credit card in India. Meanwhile, Goldman Sachs is considering ending its partnership with Apple in the US and exploring options with American Express.
Facts
- Apple is in discussions with HDFC Bank and Indian regulators to introduce a credit card in India, and Apple CEO Tim Cook reportedly met with HDFC Bank’s CEO during a recent trip to India.
- Talks are also underway between Apple and the National Payments Corporation of India (NPCI) regarding the launch of Apple Pay in the country.
- Apple is engaging with the Reserve Bank of India (RBI) to discuss the details of the proposed co-branded credit card, which would be in partnership with HDFC Bank.
- The discussions between Apple and the relevant parties are still in the early stages, and no official decision has been made yet.
- HDFC Bank has not responded to inquiries from FinTech Futures regarding the reported partnership with Apple.
- Goldman Sachs is reportedly considering exiting its partnership with Apple in the US and is in talks with American Express as a potential replacement for the Apple credit card and other initiatives.
- Goldman Sachs recently collaborated with Apple to launch the Apple Card savings account, which attracted $1 billion in deposits within a week of its introduction.
- If Goldman Sachs were to end its partnership with Apple, it would signal a further retreat from the retail banking market for the banking heavyweight, which is also exploring the potential sale of its recently acquired buy now, pay later (BNPL) fintech, GreenSky.
