HDFC Bank Ends Partnership with Apple: No More Discounts or EMI Offers on iPhone Purchases
If you're planning to buy an iPhone, this news might be important for you. HDFC Bank, one of India's largest private banks, has ended its five-year partnership with Apple, the company behind the iconic iPhone. As a result, HDFC Bank customers will no longer enjoy special deals, discounts, or EMI offers on Apple products, especially during the upcoming festive season.
What Led to the Decision?
According to a report by The Times of India, Parag Rao, Group Head at HDFC Bank, mentioned that the bank is reviewing the cost and income generated from the partnership. "We have taken a temporary break from this partnership. We worked together for five years and had a great relationship with Apple. However, it became necessary to reassess the partnership," said Rao.
Previously, HDFC Bank offered cashback and EMI options on Apple products through its credit cards. However, with the partnership ending, these offers will no longer be available. Apple is now collaborating with other banks like American Express, Axis Bank, and ICICI Bank for similar benefits.
Why the Breakup?
Apple’s decision to collaborate with multiple banks led HDFC Bank to reconsider its exclusive partnership. "For the past five years, we were the only bank offering these services to Apple customers. It was crucial to reevaluate the partnership," Rao explained.
Despite this development, HDFC Bank remains optimistic about the festive season, expecting robust growth in deposits and credit.
Improving Financial Services
The Reserve Bank of India recently expressed concerns about unsecured retail loans. However, Rao assured that HDFC Bank’s portfolio does not have any significant risks. "As the country’s largest private bank, we don’t want to engage in risky business," he said.
Rao also highlighted improvements made to HDFC’s payment app, PayZapp, which now has 14 million customers. The bank is working closely with the National Payments Corporation of India (NPCI) to further enhance its services.
With the end of this partnership, HDFC Bank customers will need to look for alternative banks or offers when purchasing Apple products, marking a significant shift in the bank’s strategy.
