Technology giant Apple is gearing up to launch its own credit card in India.
According to reports, Apple is planning to tie up with HDFC bank to bring its credit card to its Indian customers.
As per a Moneycontrol report, the company's CEO, Tim Cook, met with HDFC Bank CEO and MD Sashidhar Jagdishan during his trip to India in April.
The report further added that Apple also held discussions with the Reserve Bank of India on the modalities of the card. The central bank asked the tech giant to follow the regular procedure for co-branded credit cards, without offering any special consideration for the company.
This comes at a time when a significant number of payments are being increasingly made through mobile phones. Technology giants such as Apple, Google, Amazon, and Samsung are actively pursuing expansion into the payments sector and have ambitious plans in the financial services space. These companies have developed payment apps and are looking to make significant strides in this area.