Apple Pay Set for Indian Launch with Axis Bank Partnership
Apple Pay is set to launch in India next month with Axis Bank as its initial banking partner, according to Reuters.
The rollout will begin with Axis Bank credit cards, and Apple has also held discussions with other major private-sector lenders including HDFC Bank and ICICI Bank, although commercial terms have yet to be finalized.
Apple Pay allows users to make contactless payments using tokenized card details stored on their iPhones without requiring a separate payment application. The service will be rolled out in phases, with more banking partners added over time.
The launch brings Apple into one of the world's largest digital-payments markets, which is dominated by the Unified Payments Interface (UPI). UPI accounts for about 84% of digital transaction volume in India, making the market a challenging one for new payment platforms.