Apple Pay Targets Indian Market with Axis Bank Partnership
Apple is set to launch its Apple Pay service in India next month, teaming up with Axis Bank as its initial banking partner.
The rollout will initially include Axis Bank credit cards, with Apple also holding discussions with other major lenders such as HDFC Bank and ICICI Bank, though 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 launch will bring Apple into one of the world's largest digital-payments markets, dominated by the Unified Payments Interface (UPI), which accounts for about 84% of digital transaction volume in India.
Recent regulatory changes allowing biometric authentication for card payments have created a more supportive framework for Apple's service.