Apple Pay Officially Launches in India Through Axis Bank

US technology giant Apple has officially launched its payment service, Apple Pay, in India, one of the world’s largest technology-friendly markets and a major hub for digital financial transactions.

The digital payment service has been introduced through a strategic partnership with Axis Bank, India’s third-largest private-sector financial institution.

Initially, only Axis Bank credit cardholders using the Visa and Mastercard networks will be able to access Apple Pay.

However, India’s homegrown RuPay cards are not yet supported by the service. Axis Bank, which currently has more than 16.3 million credit card customers, is the first financial institution in India to offer Apple Pay.

Users will be able to make fast, contactless payments using an iPhone, Apple Watch or iPad through Apple Wallet or the Axis Bank mobile app. Transactions can be authenticated using Face ID or Touch ID, without requiring a PIN or one-time password (OTP).

Despite being one of the world’s leading economies, India had remained without Apple Pay until now. To expand the service, Apple is also holding discussions with HDFC Bank and ICICI Bank.

Speaking about India’s cashless future and security, Apple Pay Vice President Jennifer Bailey said the company was excited to bring the service to Indian users while maintaining the highest standards of security and privacy.

UPI Competition and Market Potential

According to a report by the International Monetary Fund (IMF), nearly 84 per cent of India’s digital transactions are processed through its homegrown technology infrastructure, the Unified Payments Interface (UPI).

Despite UPI’s overwhelming dominance in the payment services market, Apple is seeking to establish a strong position by targeting premium customers and leveraging its own secure ecosystem.

Apple Pay’s entry into India and other emerging economic regions is expected to intensify competition in South Asia’s fintech and technology markets.

//DBTech/BMT/OR//