Apple Pay Arrives in India, Taking on a Payments Market Dominated by UPI
Apple Pay has launched in India with Axis Bank credit cards, entering a digital payments market where UPI already dominates everyday transactions. The post Apple Pay Arrives in India, Taking on a Payments Market Dominated by UPI appeared first on TechRepublic .
Apple Pay has launched in India, entering a market dominated by Unified Payments Interface (UPI). The service, initially available to Axis Bank customers with Visa or Mastercard credit cards, aims to cater to a digitally savvy population. Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, expressed excitement about bringing Apple Pay to India.
The launch primarily focuses on credit card payments via contactless terminals, rather than direct bank-to-bank transfers. Apple is seeking around 20 basis points per transaction, which may impact the existing slim profit margins in the payment sector. The service competes with established players like Google Pay, PhonePe, and Paytm, which already dominate the UPI ecosystem.
Despite its limited scope, Apple Pay's arrival signifies a significant step in India's digital payment landscape.
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