Apple Pay Sets Sights on India with Axis Bank Partnership

Apple is almost ready to bring its Apple Pay service to Indian shoppers, and the first step appears to be a deal with Axis Bank. Sources close to the negotiations say the rollout could begin as early as next month, using Axis’s credit‑card portfolio.

Axis Bank, based in Mumbai, is the country’s fourth‑largest credit‑card issuer. By linking its cards to Apple Pay, the bank would let iPhone users tap‑and‑pay with tokenised card details stored on their devices – no extra app needed, just a quick double‑click of the side button or a glance at the Face ID screen.

Apple isn’t stopping there. The tech giant is also in talks with two of the private‑sector heavyweights – HDFC Bank and ICICI Bank – but those conversations are still in the early stages, with commercial terms yet to be ironed out. All three sources who spoke on condition of anonymity said the discussions are private and no official comment has been made.

Why the fuss? India is a massive market for smartphones, and Apple’s share has doubled to about eight percent since 2022, according to Counterpoint Research. Yet, unlike many other economies, the country has not yet had a native Apple Pay experience. A phased, bank‑by‑bank approach mirrors how Apple introduced the service elsewhere – start small, learn the ropes, then expand.

The digital‑payments landscape in India is already crowded. The home‑grown Unified Payments Interface (UPI) accounts for roughly 84 % of all digital transactions, handling everything from QR‑code scans to phone‑number transfers. However, a recent RBI move that permits biometric authentication for card payments (think Face ID and Touch ID) paves the way for Apple Pay to compete head‑to‑head with established players.

Axis Bank currently has about 16.26 million active credit cards, trailing behind HDFC, SBI Cards and ICICI in sheer volume, according to RBI data. If the partnership takes off, Apple Pay could quickly become a notable alternative for the affluent, tech‑savvy segment that prefers the sleek, tokenised experience Apple offers.