Apple is preparing to launch its payments service Apple Pay in India as early as next month, with Axis Bank expected to be its first banking partner, according to inc42.com. The initial rollout will enable Axis Bank credit cards on Apple Pay, with plans to add more lenders over time through direct bank-by-bank deals.
The iPhone maker has held discussions with HDFC Bank and ICICI Bank for the India launch, but these banks have yet to agree on commercial terms with Apple, inc42.com reported. Apple’s phased approach to adding banks in India mirrors its strategy in other markets. The company has faced regulatory and technical challenges in India, including data localisation requirements and integration with the Unified Payments Interface (UPI).
Apple Pay’s launch in India would conclude nearly a decade of efforts to enter one of the few major markets where the service is not yet available, inc42.com noted. The service allows users to make contactless payments using tokenised card details stored on iPhones or Apple Watches, with authentication via Face ID, Touch ID, or device passcode. The Reserve Bank of India approved alternative authentication mechanisms last year, facilitating Apple Pay’s entry.
Apple first announced plans to launch Apple Pay in India in 2017, but the rollout was delayed by regulatory hurdles. The service’s launch with Axis Bank marks a significant step in Apple’s expansion in the Indian digital payments market, according to inc42.com.