Apple Pay eyes India rollout with Axis Bank, sources say

Apple reportedly plans to bring Apple Pay to India next month, beginning with credit cards issued by Axis Bank, according to a Reuters report carried by Business Recorder. Three people familiar with the matter described the plan, though they asked not to be named since the talks are private. The first phase would involve a single large bank, allowing the US tech firm to offer the service in a market that is the planet's most populous.

Based on RBI figures, Axis had 16.26 million credit cards in use in July, placing it behind HDFC Bank, SBI Cards and ICICI Bank by issuance. Apple Pay has also held talks with HDFC Bank and ICICI Bank, though no commercial terms have been agreed yet. Apple and HDFC left queries unanswered, and ICICI and Axis declined to comment.

Apple Pay lets iPhone owners pay by tapping their phone, using tokenised card details saved on the device without opening a separate app. Apple intends to add lenders gradually through separate bilateral agreements, following a staged approach used in other countries, one source said. Counterpoint Research data shows Apple's smartphone share in India has doubled over the period since 2022, reaching 8%, and placing the country among its biggest markets. The market is crowded, and the homegrown UPI system, which handles QR code and phone number transfers, represents 84% of India's digital payment volume.