Apple eyes credit card launch in India as partnership with Goldman may be nearing its end
Tech titan Apple is reportedly in talks with Indian banking giant HDFC Bank and the country’s regulators to roll out a credit card offering across the subcontinent.
Apple reportedly exploring partnership with HDFC Bank
Sources tell Moneycontrol that Apple CEO Tim Cook met with HDFC Bank CEO and managing director Sashidhar Jagdishan during a recent trip to India.
Apple is also reportedly in talks with the National Payments Corporation of India (NPCI) to launch Apple Pay, and with the Reserve Bank of India (RBI) over specifics of the proposed card offering, which would be a co-branded credit card in partnership with HDFC Bank.
Sources add the discussions are still in early stages, with no official decision being made as of yet.
FinTech Futures reached out to HDFC Bank but has yet to receive a response.
Goldman reportedly looks to exit Apple tie-up
According to a report from The Wall Street Journal, Goldman Sachs is potentially looking to exit its partnership with Apple in the US and is in talks with American Express to take over its Apple credit card and other Apple initiatives.
The pair recently launched the Apple Card savings account, a high-yield savings account which saw $1 billion in deposits within one week of its launch in April.
The move would signify a further retreat by Goldman Sachs from the retail banking market, with the US banking heavyweight also exploring a sale of its recently acquired buy now, pay later (BNPL) fintech GreenSky.
