Apple Pay May Arrive in India Next Month With Axis Bank Credit Cards
Summarized by AI; it may make mistakes. Check important info
Summarized by AI; it may make mistakes. Check important info
Apple is poised to launch its Apple Pay payment service in India next month with Axis Bank credit cards, according to three sources familiar with the matter cited by Reuters, marking a potential entry into one of the few major economies where the service is not currently available.
Apple Pay In Talks With Major Indian Banks
The initial rollout is expected to begin with Mumbai-based Axis Bank, India’s fourth-largest credit card issuer. Apple is also in discussions with larger private-sector lenders HDFC Bank and ICICI Bank, but the banks have yet to agree on commercial terms, two of the sources told Reuters.
The sources spoke on condition of anonymity as the discussions are private. Apple and HDFC Bank did not respond to Reuters’ requests for comment, while Axis Bank and ICICI Bank declined to comment.
Apple Plans Phased Rollout
Apple Pay allows iPhone users to make contactless payments using tokenised card details stored on their devices, without opening a separate payments application.
According to one source cited by Reuters, Apple plans to add more Indian lenders over time through direct agreements with individual banks, following a phased rollout approach used in other markets.
Apple’s India Smartphone Share Doubles
Apple’s share of India’s smartphone market has doubled to 8% since 2022, according to Counterpoint Research, strengthening the company’s presence in one of its largest markets.
If launched, Apple Pay would enter India’s highly competitive digital payments sector, where the home-grown Unified Payments Interface (UPI) dominates. UPI supports payments through QR codes, phone numbers and tap-and-pay transactions and accounts for 84% of India’s digital payments volume.
RBI Rule Opens Door For Apple Pay
The Reserve Bank of India last year allowed biometric authentication for card payments, enabling payment services such as Apple Pay to work with Indian bank cards using Face ID and Touch ID.
Axis Bank had 16.26 million active credit cards in July, according to RBI data. It trails HDFC Bank, SBI Cards and ICICI Bank in terms of credit card issuance.
