World’s leading technology company Apple has postponed its plans to launch its Unified Payments Interface (UPI) based Payment Interface “Apple Pay” in India just like the Amazon and Whatsapp. Apple had negotiated with some major banks and National Payments Corporation of India prior to avoid its launch. This is notable that prior to Apple, Whatsapp and Amazon India also postponed the decision to launch their UPI-based payment interface for some Government regulatory reasons.
According to some market analyst “Apple will not launch its payment platform in India right now,”. Apple is still waiting for the familiar change in the regulatory environment in India. ”
Localization of payment data and the proposed data protection law
It is confirmed that Apple is not happy with the policy of Reserve Bank of India. Localization of payment data and the proposed data protection law is the biggest concern of the company. A Circular issued in April 2018 BY RBI (Reserve bank Of India), which requires all ‘payment service providers’ to store all user data relating to the payment systems in India only. As I have mentioned earlier, this is not limited to Apple it has become a major issue for WhatsApp and Amazon also.
Now, You might have got an idea what the is the problem Exactly. According to RBI regulations, Apple has to keep all the payment data on local or domestic servers only. This strict rule of RBI (Reserve bank of India) has also affected the plans of other payment service companies like MasterCard, Visa, and Paypal. Google is also monitoring the RBI’s changing policy on data localization in India.
I hope very soon Companies and RBI Offical will sit together and fix this issue. India is a big market where every company in this world eagerly waiting to expand its business.