Apple Pay may launch in India as early as next month, with Axis Bank expected to become its first banking partner. The iPhone maker plans to enable Axis Bank credit cards first, before adding more lenders over time. Reuters reported the plan, citing sources. Apple has also held discussions with HDFC Bank and ICICI Bank, but the two lenders are yet to agree on commercial terms.
How the rollout will work
Apple plans to add banks through direct, bank by bank deals. That mirrors the phased rollout it followed in other markets, where the service started with one or two issuers and expanded from there. The company did not respond to questions about the India launch.
Why it took nearly a decade
Apple first indicated plans to bring Apple Pay to India in 2017. The rollout then ran into regulatory and technical hurdles, including India’s data localisation rules and the challenge of integrating with UPI. India is one of the few major markets where Apple Pay is still unavailable.
Read More: NPCI Sets 0.4% MDR On UPI Payments Above Rs 2,000 From October 15
The regulatory picture changed last year, when the RBI allowed alternative authentication mechanisms, including biometrics, for card payments. That opened the door for services like Apple Pay, which authenticate a payment with Face ID, Touch ID or a device passcode rather than a PIN.
Read More: Fibe Gets SEBI Nod For Rs 750 Crore IPO
What Apple Pay actually does
Apple Pay stores tokenised card details on an iPhone or Apple Watch. A user taps the phone or watch at a card machine and authenticates with a face, a fingerprint or a passcode. There is no separate payments app to open, and the actual card number is never shared with the merchant.
Why it matters
India’s card payments market is small next to UPI, and Apple Pay will not change that on its own. But the launch matters for a different reason. It signals that global payment products can now enter India without breaking on regulation, and that banks are willing to sign. For Apple, this is the last big market where its wallet has been missing. For Indian card users, it means the tap to pay experience they have seen abroad finally arrives on the phone in their pocket.