Apple is preparing to roll out its Apple Pay mobile‑payment platform in India next month, beginning with credit cards issued by Mumbai‑based Axis Bank. The move, confirmed by three sources familiar with the negotiations, marks the first time the service will be available in the world’s most populous nation, where it has previously been absent.
Why the launch matters for Indian consumers
Apple Pay lets iPhone users make tap‑and‑pay purchases using tokenised card details stored securely on their devices. With the addition of biometric authentication such as Face ID and Touch ID, the service offers a convenient, contactless alternative to cash and traditional card swipes.
Axis Bank leads the way
Axis Bank, the fourth‑largest credit‑card issuer in India, will be the initial banking partner. The bank currently has about 16.26 million active credit cards, according to Reserve Bank of India data, and will enable its cardholders to use Apple Pay immediately after the October launch.
Further bank partnerships in the pipeline
Apple is also in talks with two of Axis Bank’s larger private‑sector rivals, HDFC Bank and ICICI Bank, but the sources say commercial terms have not yet been finalised. Apple’s strategy is to add lenders gradually through direct, bank‑by‑bank agreements, a pattern it has followed in other markets.
India’s digital‑payments landscape
The Indian market is already dominated by the home‑grown Unified Payments Interface (UPI), which accounts for roughly 84 % of the country’s digital‑payments volume. UPI enables transfers via QR codes, phone numbers and tap‑and‑pay, and has become the backbone of everyday transactions for millions of Indians.
Apple’s entry adds a new option for consumers who prefer the seamless integration of payment services with their iPhone and other Apple devices. The company’s share of India’s smartphone market has doubled to about 8 % since 2022, according to Counterpoint Research, making the timing of the rollout strategically significant.
Regulatory backdrop
Last year, the Reserve Bank of India approved biometric authentication for card payments, clearing a regulatory hurdle that previously limited Apple Pay’s functionality with Indian bank cards. This policy change allows Apple Pay to work with Indian cards using Face ID and Touch ID, aligning the service with the country’s security standards.
What’s next?
Apple plans to expand Apple Pay’s availability by adding more banks over time, aiming to create a broad network of participating lenders. As the service gains traction, it could encourage further competition in India’s digital‑payments sector, offering consumers more choices and potentially driving innovation among existing providers.
Both Apple and Axis Bank declined to comment for this story, while HDFC and ICICI Bank also did not respond to requests for comment.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
