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Apple Pay Set to Launch in India With Axis Bank
Apple Pay may arrive in India next month.
Axis Bank would reportedly be its first banking partner.
At first, only Axis Bank credit cards may work with the service.
Apple plans to add more banks over time.
Talks with HDFC Bank and ICICI Bank are still incomplete.
Apple Pay lets people pay by tapping an iPhone or another Apple device.
It protects card information by using tokenized details and biometric security.
The service will compete with India's already popular Unified Payments Interface.
Apple is reportedly planning to launch Apple Pay in India next month with Axis Bank credit cards.
The rollout would begin with one major banking partner, with additional lenders potentially added through separate deals.
Apple has discussed partnerships with HDFC Bank and ICICI Bank, but commercial terms remain unresolved.
Apple Pay uses tokenized card details and allows iPhone users to make contactless payments with Face ID or Touch ID.
The service will enter a market where the Unified Payments Interface accounts for 84% of digital payments volume.
- Who
- Apple and Axis Bank, with HDFC Bank and ICICI Bank also involved in reported discussions.
- What
- Apple is reportedly preparing to launch Apple Pay in India, initially supporting Axis Bank credit cards.
- Where
- India.
- When
- The launch is reportedly planned for next month; the articles do not specify a date.
- Why
- Apple is seeking to expand its payment service into a major market where it has not previously been available, despite strong existing digital-payment competition.
Key facts
- Reported launch timing
- Next month
- First banking partner
- Axis Bank
- Initial payment cards
- Axis Bank credit cards
- Other banks in discussions
- HDFC Bank and ICICI Bank
- Axis active credit cards
- 16.26 million in July, according to Reserve Bank of India data
- Unified Payments Interface share
- 84% of India's digital-payments volume
- Apple smartphone market share
- 8% in India, according to Counterpoint Research, up from 2022
Sources
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