Apple Pay Eyes India Launch With Axis Bank Partnership

Apple is reportedly preparing to launch Apple Pay in India next month with Axis Bank credit cards, according to three sources familiar with the matter. The move would mark Apple Pay’s entry into one of the world’s largest digital payments markets, where the service is currently unavailable.

Apple has also held discussions with HDFC Bank and ICICI Bank, but commercial agreements with the two lenders have not yet been finalised, the sources said. Apple is expected to expand Apple Pay support gradually through individual agreements with banks. The service allows iPhone users to make contactless payments using tokenised card details stored securely on their devices.

Apple’s smartphone market share in India has doubled to 8% since 2022, according to Counterpoint Research. Apple Pay would enter a market dominated by the home-grown Unified Payments Interface (UPI), which accounts for 84% of India’s digital payment volume. The Reserve Bank of India’s approval of biometric authentication for card payments has also paved the way for Apple Pay to work with Indian bank cards using Face ID and Touch ID.

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