Key facts
- Apple plans to launch Apple Pay in India next month.
- Axis Bank will be the initial banking partner for Apple Pay in India.
- Apple Pay is not currently available in India.
- Axis Bank is India's fourth-largest credit card issuer.
- Apple's share of India's smartphone market has doubled to 8% since 2022.
Apple is preparing to launch its Apple Pay service in India next month, with Axis Bank set to be its initial banking partner, according to three sources familiar with the matter. This move will bring Apple's tap-and-pay service to India, one of the few major economies where it is not yet available.
Axis Bank, India's fourth-largest credit card issuer, will facilitate the launch by integrating its credit cards with Apple Pay. While Apple has also held discussions with larger rivals HDFC Bank and ICICI Bank, these banks have yet to agree on commercial terms. Apple plans to expand its partnerships over time through direct, bank-by-bank deals, a strategy it has employed in other markets.
The launch occurs as Apple's presence in India's smartphone market has grown significantly, doubling its share to 8% since 2022, according to Counterpoint Research. Apple Pay will enter a competitive digital payments landscape dominated by the Unified Payments Interface (UPI), which accounts for 84% of India's digital payment volume. The Reserve Bank of India's recent allowance of biometric authentication for card payments, using Face ID and Touch ID, is expected to enable Apple's service to function with Indian bank cards.