RBI’s rules open door for Apple Pay
On September 30, Apple Pay arrived in India, marking a regulatory milestone rather than a commercial breakthrough. The Reserve Bank of India (RBI) opened the door for this new payment method by updating its rules, allowing customers to pay using iPhones, iPads, and Apple Watches with biometric authentication. This shift from OTPs to device-native biometrics represents a significant advancement in the Indian payments landscape.
While Apple Pay does not yet support RuPay or UPI, it signifies a transition from UPI into card payments. The RBI's outcome-based approach to regulation, which focuses on security, consumer protection, accountability, and interoperability, has enabled this innovation to flourish.
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