iPhone 5 (three-up, profile, front, back, black and white)

In yet another attempt to capture the nascent smartphone market in India, Apple is now promoting discounts for students. Students can receive $144 on an iPhone when they trade in their old smartphones. Apple and Samsung have engaged in a marketing struggle, both rolling out installment plans to encourage Indian buyers of rival smartphones.

The iPhone maker also announced a cash-back deal when Indian consumers use American Express to purchase an iPhone 4, 4S or 5 before June 10, according to a Monday report…

Apple’s latest discounts also include non-students, who will receive $130, reports ZDNet.

The American Express cash-back offer of $111 requires the credit card be issued by an Indian bank and via installment payment plans available through local iPhone distributors Redington and Ingram Micro.

In the case of an Indian consumer purchasing a 16GB iPhone 5, the buyer would receive $70 after paying $181.50 down and $43 per month over six months, according to the report. The report cites research firm Canalys predicting 2013 could mean growth for Apple as its installment payment concept picks up steam.

Along with increasing the number of local partners, Apple has raised its brand awareness in India, a country that is just beginning to show interest in smartphones. India has become the focus of handset makers, such as Samsung, as other regions mature and demand slows.

No matter how you look at it, this is a prudent move on Apple’s part and it’ll be interesting seeing whether Apple follows up with similar promotions in other emerging markets.