Apple is preparing to launch Apple Pay in India next month through a partnership with private sector lender Axis Bank.
The planned rollout will initially support Axis Bank credit cards, Reuters reported citing sources familiar with the matter.
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The launch will give the US technology company access to one of the world’s largest digital payments markets.
Electronic Payments International has contacted Axis Bank for confirmation.
Axis Bank is India’s fourth-largest credit card issuer, with 16.26 million active credit cards in July, the news agency reported citing Reserve Bank of India (RBI) data. The lender trails HDFC Bank, SBI Cards, and ICICI Bank in total card issuance.
Apple has also held talks with HDFC Bank and ICICI Bank to expand the service. However, the parties have yet to finalise commercial terms, the sources told Reuters.
Apple Pay allows iPhone users to make contactless in-store and online payments using tokenised card credentials stored on their devices. Apple plans to integrate additional domestic lenders over time through bilateral agreements, mirroring its phased rollout strategy in other international jurisdictions.
The planned rollout comes as India’s digital payments infrastructure continues to expand contactless capabilities.
The National Payments Corporation of India (NPCI) recently introduced the Unified Payments Interface (UPI) ‘Tap & Pay’ feature for NFC-enabled smartphones and point-of-sale terminals.
UPI remains the dominant payment method in India, processing approximately 84% of the country’s total digital payment volumes.
Last month, card issuing and processing platform Paymentology integrated Apple Pay for GoTyme Bank in the Philippines. The move made the digital bank “one of the first issuers” in that market to offer the service.
