Apple has landed in a regulatory grey zone regarding its plans to launch a Unified Payments Interface-based payments platform in India.
According to Economic Times, Apple put the brakes on introducing Apple Pay despite holding discussions with banks and the National Payments Corporation of India. The main reason for the cancelation is the Reserve Bank of India’s recent data localisation rule and the technical and design hurdles related to the flow of payments on UPI.
RBI’s data localisation rule that requires companies to store all their payments data only within India has made uncertain the plans of other multinational companies as well, including Mastercard, Visa, Amazon, WhatsApp and PayPal.
Earlier in August 2018, Amazon also announced that its plan to release its own UPI payment service in India has encountered data localisation problems.