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Why Axis Bank Led Apple Pay’s India Rollout
Apple Pay is now available in India, starting with Axis Bank cards.
Axis Bank is smaller than several other major card issuers.
Apple has also been discussing partnerships with HDFC Bank, ICICI Bank and SBI Card.
The banks and Apple have reportedly disagreed over how much Apple should receive from each transaction.
But pricing is not the only reason some banks have not launched yet.
Banks also need to make their systems and card collections work with Apple Pay.
The service works on supported Apple devices and at stores accepting contactless payments.
It begins as a card-based service in a country where Unified Payments Interface is used for most digital payments.
Apple Pay became available in India first through Axis Bank, although Axis is not the country’s largest credit-card issuer.
HDFC Bank, ICICI Bank and SBI Card were still negotiating agreements with Apple, with commercial terms reportedly a major hurdle.
Apple was reportedly seeking about 20 basis points per transaction, while larger issuers were willing to offer around 15 basis points.
Apple said each bank’s launch timing also depends on technical readiness, card portfolios and integration work.
Apple Pay initially supports cards and NFC payments, while Unified Payments Interface accounts for about 84% of India’s digital-payment volume.
- Who
- Apple Inc., Axis Bank, HDFC Bank, ICICI Bank and SBI Cards and Payment Services Limited are the main organizations involved; Jennifer Bailey discussed the rollout for Apple.
- What
- Apple Pay became available in India with Axis Bank cards first, while agreements with other major issuers remained unfinished.
- Where
- India.
- When
- The rollout is described as current in the reports; Reuters cited card figures from August 2026.
- Why
- Commercial negotiations and differences in technical readiness, card portfolios and integration work affected the timing of each bank’s participation.
Key facts
- Initial bank partner
- Axis Bank
- Other banks in discussions
- HDFC Bank, ICICI Bank and SBI Card
- Reported Apple transaction request
- About 20 basis points per transaction
- Reported larger-issuer offer
- Around 15 basis points
- Supported iPhone models
- iPhone XR and later running iOS 18 or later
- Supported Apple Watch models
- Apple Watch Series 6 and later running watchOS 11 or later, paired with an iPhone XR or later
- India digital-payment context
- Unified Payments Interface accounts for about 84% of digital-payment volume, according to Reuters
Sources
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