Electromagnetic ion cyclotron (EMIC) waves can lead to the rapid decay (on a timescale of hours) of the terrestrial ring current. Such decay process is usually investigated in the framework of quasi-linear theory. Here, both theoretical analysis and test-particle simulation are performed to understand the nonlinear interaction between ring current ions and EMIC waves. In particular, the dependence of the nonlinear wave-particle interaction processes on the ion initial latitude is investigated in detail. These nonlinear processes are classified into the phase trapping and phase bunching, and the phase bunching is further divided into the channel and cluster effects. Compared to the prediction of the quasi-linear theory, the ring current decay rate can be reduced by the phase trapping, increased by the channel effect phase bunching, but non-deterministically influenced by the cluster effect phase bunching. The ion initial latitude changes the occurrence of the phase trapping, modulates the transport direction and strength of the cluster effect phase bunching, and only slightly affects the channel effect phase bunching. The current results suggest that the latitudinal dependence of these nonlinear processes should be considered in the evaluation of the ring current decay induced by EMIC waves.