Apple is reportedly preparing to launch Apple Pay in India next month, with Axis Bank credit cards expected to be supported during the initial rollout. Reuters reported that the service could arrive in October, citing three people familiar with the discussions. The report said Apple is also in talks with HDFC Bank and ICICI Bank. However, commercial terms between Apple and these banks have not yet been finalised.
How Apple Pay Could Work In India
Apple Pay allows users to make contactless payments by adding eligible debit or credit cards to the Wallet app on an iPhone or Apple Watch. During a transaction, users can authenticate payments through Face ID, Touch ID or the device passcode. The service uses tokenised card details instead of sharing the actual card number with merchants. This means the real card information is not provided during a regular Apple Pay transaction.
According to Reuters, Apple is expected to follow a bank-by-bank expansion strategy in India. This means support may initially be limited to Axis Bank cards, with more lenders added through separate agreements later.
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Apple Pay In India: UPI Competition
Apple Pay will enter a digital payments market dominated by the Unified Payments Interface, or UPI. Reuters reported that UPI accounts for around 84% of India's digital payments volume, with users commonly relying on QR codes, mobile numbers and UPI apps for everyday transactions. Apple's growing presence in India could provide a large user base for the service.
Counterpoint Research data cited by the news agency showed that Apple's share of India's smartphone market has increased to 8 per cent, up from 4$ in 2022. The Reserve Bank of India's decision to allow biometric authentication for card payments could also support Apple Pay's operation in the country. However, Apple has not yet publicly confirmed the launch date, supported cards or the complete list of banking partners.
Apple Pay has been available in several major markets for years. However, the service has not officially launched in India so far. The company is now reportedly preparing a phased entry into the country. Axis Bank could become its first banking partner. More banks may join the service at a later stage.
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