Commodity Tips, Apple may launch payments service in India soon, eyes local partnerships

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Apple Inc. is eyeing a piece of India’s rapidly booming digital payments business and may launch its Apple Pay service in the near future, even as the iPhone maker looks to boost its presence in India, where it already has a manufacturing facility.

In an interview at Apple’s Hyderabad development center, Apple senior vice-president Eddy Cue said the company wants to launch Apple Pay in India in the near future without giving a specific date.

“Our head of Apple Pay, Jennifer Bailey, is here with me. And Apple Pay is something that we definitely want in India. The challenge with payment mechanisms is that there isn’t really a lot of global scales. You deal with individual markets at a time… but India is one of those markets where we hope to bring Apple Pay to,” said Cue, an Apple veteran of nearly three decades who heads the company’s Internet software and services business.