India's motor car exports witnessing healthy growth in EFTA market: Piyush Goyal
India's exports of motor cars and heavy waters have seen significant growth since the trade agreement implementation. The trade and economic partnership agreement with EFTA has created market access for the majority of India's exports. The EFTA countries have committed to invest USD 100 billion in India over 15 years.
Apple Pay has launched in India, entering a market dominated by Unified Payments Interface (UPI). The service, initially available to Axis Bank customers with Visa or Mastercard credit cards, aims to cater to a digitally savvy population. Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, expressed excitement about bringing Apple Pay to India.
The launch primarily focuses on credit card payments via contactless terminals, rather than direct bank-to-bank transfers. Apple is seeking around 20 basis points per transaction, which may impact the existing slim profit margins in the payment sector. The service competes with established players like Google Pay, PhonePe, and Paytm, which already dominate the UPI ecosystem.
Despite its limited scope, Apple Pay's arrival signifies a significant step in India's digital payment landscape.
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