Apple (NASDAQ: AAPL) is preparing to launch Apple Pay in India next month through a partnership with private sector lender Axis Bank, initially supporting Axis Bank credit cards.
The planned rollout gives the US technology giant access to one of the world’s largest and fastest-growing digital payments markets, representing a significant strategic expansion.
Reuters reported the development, citing sources familiar with the matter, while Axis Bank has not yet publicly confirmed the partnership.
Axis Bank is India’s fourth-largest credit card issuer, holding 16.26 million active credit cards as of July, according to data from the Reserve Bank of India cited by Reuters.
Apple has also held broader discussions with HDFC Bank and ICICI Bank to extend the service beyond its initial launch partner, though those negotiations remain at an early stage.
Sources told Reuters that the parties involved in talks with HDFC Bank and ICICI Bank have yet to finalize commercial terms, suggesting a phased expansion rather than an immediate multi-bank rollout.
Apple Pay allows iPhone users to make contactless in-store and online payments using tokenized card credentials stored securely on their devices, a model already proven across dozens of international markets.
Apple plans to integrate additional domestic lenders over time through bilateral agreements, mirroring the phased rollout strategy it has employed in other international jurisdictions.
The launch arrives as India’s digital payments infrastructure continues to evolve, with the National Payments Corporation of India recently introducing the Unified Payments Interface Tap and Pay feature for NFC-enabled smartphones and point-of-sale terminals.
Recent regulatory changes permitting biometric authentication for card payments have also created a more supportive environment for Apple’s contactless payment service to gain traction with Indian consumers.
Apple has steadily expanded its presence in India’s smartphone market, capturing roughly 8% market share since 2022, a figure that underscores the country’s growing importance to the company’s global growth strategy.
Entering the payments space in India deepens Apple’s ecosystem integration for its existing Indian user base and positions the company to compete in a market where digital transactions have surged in recent years.
