2 hrs ago

Apple Pay India Launch May Bring Axis Credit Card Support

Apple may soon bring Apple Pay to India.

It lets people pay by holding an iPhone or Apple Watch near a contactless card reader.

The phone stores a secret token instead of the real card number.

At first, reports say only Axis Bank credit cards may work with it.

UPI, RuPay, debit cards, and sending money to friends may not be supported initially.

Apple Pay would work at shops with NFC-enabled payment terminals, not ordinary UPI QR codes.

It would be different from UPI because it uses credit-card networks such as Visa and Mastercard.

Apple has not officially confirmed the launch date or all of these details.

Key facts

Reported launch timing: Next month, according to the report; Apple has not confirmed it.
Initial banking partner: Axis Bank is reportedly expected to be the sole launch partner.
Expected card support: Visa and Mastercard credit cards; debit cards, RuPay, and UPI are not expected initially.
Authentication: Face ID, Touch ID, or the device passcode.
Payment technology: Tokenized card details stored in Apple Wallet and used at NFC-enabled terminals.
Interchange negotiations: Apple reportedly sought 15–20 basis points, while large Indian issuers countered with about 10 basis points.
UPI comparison: UPI already accounts for 84 percent of India’s digital payments volume, according to the article.

NDTV · 2 hrs ago