Apple Pay Set for India Debut via Axis Bank Partnership

Apple is gearing up to introduce its mobile wallet service in India next month through a collaboration with Axis Bank, a major private sector lender in the country.

The initial rollout will support credit cards issued by Axis Bank, according to Reuters, which cited sources with knowledge of the plans.

This move positions Apple to tap into one of the globe's most expansive digital payments ecosystems.

Axis Bank ranks as India's fourth-largest credit card issuer, with 16.26 million active credit cards recorded in July, based on Reserve Bank of India (RBI) figures cited by the news agency.

The bank trails three competitors in total card issuance: HDFC Bank, SBI Cards, and ICICI Bank.

Apple has also engaged in discussions with HDFC Bank and ICICI Bank to broaden the service's reach beyond Axis Bank.

However, commercial terms with these additional partners have not yet been finalised, sources told Reuters.

The company intends to bring more domestic lenders onto the platform gradually through individual agreements, following the phased approach it has used in other markets.

The service enables iPhone owners to conduct contactless transactions both in physical stores and online by using tokenised card credentials saved on their devices.

This technology allows users to make payments without exposing their actual card numbers during transactions.

Apple's entry comes as India's digital payments infrastructure continues expanding its contactless payment options.

The National Payments Corporation of India (NPCI) recently unveiled the Unified Payments Interface (UPI) 'Tap & Pay' feature, designed for NFC-enabled smartphones and point-of-sale terminals.

UPI dominates India's payments landscape, handling roughly 84% of the country's total digital payment volumes.

Last month, card issuing and processing platform Paymentology integrated Apple Pay for GoTyme Bank in the Philippines, making the digital bank one of the first issuers in that market to offer the service.

This reflects Apple's broader push to expand its payments footprint across Asian markets.