Apple Pay eyes India rollout with Axis Bank, sources say

Apple plans to introduce its Apple Pay service in India next month, collaborating with Axis Bank as its first banking partner, according to three sources familiar with the matter. This move aims to expand Apple's presence in the world's most populous country, a major economy where Apple Pay is currently unavailable. Axis Bank, the fourth-largest credit card issuer in India, is set to offer its credit cards through Apple Pay, joining a competitive digital payments landscape dominated by the Unified Payments Interface, which accounts for 84% of India's digital payment volume.

While discussions have also been ongoing with Axis Bank's larger rivals, HDFC Bank and ICICI Bank, no commercial agreements have been reached with them yet. Apple has been present in the Indian market for several years, with its smartphone market share increasing from 4% in 2022 to 8%, according to Counterpoint Research. Apple Pay will allow iPhone users in India to make tap-and-pay purchases using tokenized card details, a feature made possible by the Reserve Bank of India's recent approval of biometric authentication for card payments.