Fintech Stocks Decline Amid Report of Apple Pay Expansion in India
Apple Pay Expected to Launch in India by Mid-2026
Apple Inc. is reportedly in talks with HDFC Bank Ltd., ICICI Bank Ltd., and Axis Bank Ltd., as well as global card networks Visa Inc. and Mastercard Inc., to launch Apple Pay in India around mid-2026. This development has led to a decline in shares of Indian payments and fintech companies, with Pine Labs Ltd experiencing a 3% drop in afternoon trade and One MobiKwik Systems Ltd seeing a 1% slip.
The expected launch of Apple Pay in India is subject to regulatory approvals and final timelines. The service is expected to support Unified Payments Interface (UPI), which dominates India's digital payments space, alongside card-based payments. Apple Pay relies on Face ID or Touch ID to approve payments in-person via tap-to-pay, on websites, and through apps.
Investors are wary of the longer-term implications of Apple Pay's entry into the Indian market, which could intensify competition at the premium end of the payments ecosystem. India remains one of the world's fastest-growing digital payments markets, dominated by PhonePe and Google Pay, alongside homegrown players such as Paytm. Any move by Apple to monetize payments or services in India will be closely watched by both incumbents and investors.
Key Figures
- Pine Labs Ltd: 3% drop in shares
- One MobiKwik Systems Ltd: 1% slip in shares
- One 97 Communications (Paytm): 0.6% decline in shares
- Apple Pay: expected to launch in India by mid-2026
- Unified Payments Interface (UPI): expected to be supported by Apple Pay
Investor Takeaway
Investors in Indian fintech and payments companies should be cautious of increased competition from Apple Pay's potential launch in India.
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