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The Apple Pay rethink

The absence of a coherent NFC-enabled payment ecosystem could force Apple to look elsewhere: maybe, mobile wallets

22/02/17

Venkat Ananth

The lack of a coherent NFC-based payments ecosystem is thwarting Apple’s payment plans for India

Problems include lack of availability of NFC-enabled PoS terminals, low merchant awareness and poor issuance rates from banks

But Apple might be taking the wallet route to India, based on its learnings from China

With only 2% market share, its impact, if and when it arrives, remains to be seen

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In May 2016, when Apple CEO Tim Cook visited India, he made a big ticket announcement that got the country’s fintech community buzzing. Cook said that Apple wanted to bring its mobile payments and digital wallet service—Apple Pay—to India. The announcement came following his meeting with ICICI Bank CEO Chanda Kochhar in Mumbai, where Cook…

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