Apple Pay Prepares Indian Launch with Axis Bank Partnership
Apple Pay is set to launch in India next month in partnership with Axis Bank, according to three sources familiar with the matter. The move will allow iPhone users to make tap-and-pay purchases using tokenized card details stored on their devices. This would be a significant expansion for Apple Pay, which currently lacks support in one of the world's largest economies.
Mumbai-based Axis Bank is the fourth-largest credit card issuer in India and has been working with Apple to bring Apple Pay to the country. The US company plans to add lenders over time through direct deals, mirroring its approach in other markets. This phased rollout will enable it to expand support among Indian lenders.
The Reserve Bank of India allowed biometric authentication for card payments last year, enabling Apple's payment service to work with Indian bank cards using Face ID and Touch ID. Apple Pay will join a crowded digital payments market in India, where the homegrown Unified Payments Interface dominates transactions, accounting for 84% of digital payments volume.