Apple Nears Launch of Payment Service in India, Engages with Local Banks

Apple Inc. Nears Launch of Apple Pay in India

Key Highlights:

• Apple Inc. is in discussions with ICICI Bank Ltd., HDFC Bank Ltd., and Axis Bank Ltd. to introduce Apple Pay in India around the middle of 2026.
• Apple is also in talks with Mastercard Inc. and Visa Inc. to support Apple Pay in the country.
• The planned launch marks another step in Apple's push to expand in India, a market with a rapidly expanding middle class and 1.4 billion people.

Market Analysis:

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India's digital payments market is one of the world's fastest-growing, driven by a state-backed push and more than 750 million smartphone users on cheap mobile data. Apple Pay is expected to support India's Unified Payments Interface (UPI), which dominates the country's digital payments space.

Competition:

Google Pay, PhonePe, and Amazon.com Inc. are among the global players already operating digital payments platforms in India. Paytm is a homegrown player in the market.

Regulatory Environment:

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India's central bank has set new rules allowing biometric authentication for digital payments, a move that could boost the adoption of Apple Pay. Apple Pay relies on Face ID or Touch ID to approve payments.

Impact on Apple's Business:

An Apple Pay launch in India could boost demand for Apple's hardware, including Apple Watches, iPhones, iPads, and Macs. Apple has steadily increased its market share to about 10% of India's smartphone sales, leaving room for further growth.