The iPhone has long been available in India, but only at its full, unsubsidized price.

The contract system, which is widely prevalent in other parts of the world, is a rarity in India. Telecom operators in India don’t subsidize the handset for their subscribers as the lack of a universal data base–such as the U.S.’s social security number–makes it difficult to track users and determine their credit worthiness.

Reliance Communications, then known as Reliance Infocomm Ltd., had partnered with LG Electronics Inc., Samsung Electronics Co., and Nokia Corp., to offer subscribers a handset at a huge subsidy. A Nokia handset that cost about 10,000 rupees ($161) in the retail market was given to users for an upfront payment of a mere 501 rupees. The offer drew about a million new subscriptions within 10 days of the launch, but consumers dumped the phone and switched service providers) after a few months, leaving Reliance Communications with massive losses.

This time, Reliance Communications is minimizing its risks by tying up with credit card companies, which will be responsible for the billing. People without credit cards can’t sign up for the offer.

If this succeeds, this could be a big win for Apple.