Apple Pay, the revolutionary payment system introduced by Apple in September this year, could be introduced in India. Apple Pay has been available in the US since the company rolled out the iOS 8.1 in October.
According to the listing, the Cupertino-based giant is expanding its mobile payment solution to other parts of the world, including Europe, Middle East, Africa and India. Though the lusting has since been taken down by Apple, technology based new website 9To5Mac has an access to the full text of the listings.
The listing says," Apple Pay is a new and exciting area that is set to expand across Europe, Middle East, India and Africa. Apple Pay will change the way consumers pay with breakthrough contactless payment technology and unique security features built right into their iPhone 6 or Apple Watch to pay in an easy, secure, and private way".
Well, the listing hardly gives an account time frame for the rollout of Apple Pay. Apple hasn't officially announced the introduction of Apple Pay in India yet.
What is Apple Pay?
Apple Pay is the company's flagship entry to the mobile payment market. Google had been trying to crack with mobile payment market for the longest possible, but so far failed to crack the market.
By using Apple's mobile payment suite, you'll be able to make payments with the iPhone or Apple Watch that's set for release in early 2015. So, no more credit card or confusing pin numbers!
How Apple Pay Works
Basically, both the iPhone 6 and Apple Watch comes embedded with NFC (Near Field Communication) chipset. The wireless standard allows users to exchange information between the two devices in a secure manner, thus making perfect mobile payments
You need to hold the device up to the compatible range at the retail point, and then it will authenticate the payment, followed by the successful transfer of money from your account.
Is Apple Pay secure?
Why not? We've been using credit card for years, despite major frauds. In case of Apple Pay, one shouldn't be worried. Your data will be transferred securely, since the retailer, including staff members won't be able to see your bank account details and other sensitive information. Hence, for the argument sake, Apple Pay appears to be more secure than traditional mode of payment we're used to.
Apple Pay Compatibility
Currently, Apple Pay works with the iPhone 6, the iPhone 6 Plus, iPad Air 2, the iPad Mini 3. The Apple Watch will be added once the device goes on sale by next year. SelectediOS devices, including the iPhone 5S, 5 and 5C users will also be able to make payments via Apple Pay using the Apple Watch.
Apple Pay: India Challenges
For Apple, India always remains a difficult market to crack. And in case of Apple Pay, there are several monumental challenges that lie ahead. Apple need to make a tie up with several public as well as private bank, then only the tech giant could dream of starting Apple Pay work in a diverse market like India. Well, there's no guarantee that either party will agree to Apple's terms and conditions.
Secondly, the company also needs to convince nationwide retailers to adopt a new mobile payment solution that would benefit them in the coming years. However, the penetration of organized retail in India is limited, so a large chunk of Indian population won't make it to the list Apple is hoping to capture in the near future with its range of idevices.
Stay tuned to GizBot for more updates!