Apple Pay eyes India rollout with Axis Bank, sources say
Apple is reportedly planning to launch Apple Pay in India next month, starting with a partnership with Axis Bank. The move aims to capture a share of the competitive Indian digital payments market, which is currently dominated by the Unified Payments Interface.
Why it matters
Apple's entry into the Indian fintech market could significantly alter the digital payment landscape in one of the world's largest economies.
Apple is poised to launch Apple Pay in India next month with Axis Bank’s credit cards, three sources familiar with the matter said, as it works to expand support among the country’s lenders.
The launch, starting with a single major banking partner, would help the U.S. company offer its payment service in India, one of the few major economies where it is not available.
Mumbai-based Axis Bank is the fourth-largest credit card issuer in India.
Apple Pay has also been in discussions with Axis Bank’s larger private sector rivals HDFC Bank and ICICI Bank but they are yet to agree commercial terms, two of the sources said.
All three sources spoke on condition of anonymity as the talks are private. Apple and HDFC did not respond to requests for comment from Reuters. ICICI and Axis said no comment when contacted by Reuters.
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