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Apple Pay Set to Launch in India Next Month
Confirmed
In Short: Apple is eyeing the launch of its payments service Apple Pay in India as early as next month, with Axis Bank likely to be its first banking partner.
Apple is eyeing the launch of its payments service Apple Pay in India as early as next month, with Axis Bank likely to be its first banking partner. According to multiple reports, the iPhone maker is expected to initially enable Axis Bank credit cards on Apple Pay before adding more lenders to the service.
Sources familiar with the matter told Reuters that Apple Pay will launch in India next month for users of Axis Bank credit cards. The service will then be expanded on a bank-by-bank basis. Axis Bank and ICICI Bank declined to comment on the reports, while Apple and HDFC did not respond to requests for comment.
Apple Pay operates on its own infrastructure and has long been missing from the Indian ecosystem due to stringent regulatory requirements, including a requirement for card details to be stored within India’s borders. The service will compete with contactless card payments rather than existing UPI-based payment options once it launches.
India already has a mature digital payments ecosystem dominated by the National Payments Corporation of India’s Unified Payments Interface (UPI). Within India, 84 percent of digital payments are made via UPI, with many small merchants placing QR codes on their till to let customers quickly pay for products via their phone.
Apple Pay offers a tokenized version of your bank card that uses contactless payments, eliminating the need for a UPI interface. The service uses Near-Field Communication (NFC) to send an encrypted token to the store’s payment reader, ensuring no security gaps.
Apple Pay will directly add a virtual card for your credit or debit card, making payments easier with the tap feature and more secure with Apple. The service will work with other Apple devices like the Apple Watch, iPad, or Mac.
Apple has already sought regulatory approvals for the launch and is in talks with Indian banks such as Axis Bank, HDFC, and ICICI Bank to launch the service in partnership.
The launch comes amid major changes for UPI, with the government set to impose a 0.4 percent fee on all UPI consumer-to-business payments above 2,000 rupees (£15).
What this adds
Apple Pay's addressable user base will initially be limited to Apple device users with cards issued by participating banks.
What's confirmed
- Apple is eyeing the launch of its payments service Apple Pay in India as early as next month, with Axis Bank likely to be its first banking partner. According to multiple reports, the iPhone maker is expected to initially enable Axis Bank credit cards on Apple Pay before adding more lenders to the service.
- Sources familiar with the matter told Reuters that Apple Pay will launch in India next month for users of Axis Bank credit cards. The service will then be expanded on a bank-by-bank basis. Axis Bank and ICICI Bank declined to comment on the reports, while Apple and HDFC did not respond to requests for comment.
- Apple Pay operates on its own infrastructure and has long been missing from the Indian ecosystem due to stringent regulatory requirements, including a requirement for card details to be stored within India’s borders. The service will compete with contactless card payments rather than existing UPI-based payment options once it launches.
- India already has a mature digital payments ecosystem dominated by the National Payments Corporation of India’s Unified Payments Interface (UPI). Within India, 84 percent of digital payments are made via UPI, with many small merchants placing QR codes on their till to let customers quickly pay for products via their phone.
- Apple Pay offers a tokenized version of your bank card that uses contactless payments, eliminating the need for a UPI interface. The service uses Near-Field Communication (NFC) to send an encrypted token to the store’s payment reader, ensuring no security gaps.
- Apple Pay will directly add a virtual card for your credit or debit card, making payments easier with the tap feature and more secure with Apple. The service will work with other Apple devices like the Apple Watch, iPad, or Mac.
- Apple has already sought regulatory approvals for the launch and is in talks with Indian banks such as Axis Bank, HDFC, and ICICI Bank to launch the service in partnership.
- The launch comes amid major changes for UPI, with the government set to impose a 0.4 percent fee on all UPI consumer-to-business payments above 2,000 rupees (£15).
What's still developing
- However, Apple Pay’s addressable user base will initially be limited to Apple device users with cards issued by participating banks.
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