● Covered by 3 sources · 3 reportsMedium impact3 neutral
Apple Pay launches in India with Axis Bank as initial partner
Key points
- Apple Pay launches in India with Axis Bank.
- Supports Visa and Mastercard; excludes RuPay network.
- Initial acceptance limited to enabled merchants.
- Apple seeks 20 basis points fee on transactions.
- Apple Pay is available in 101 countries and regions.
- Apple Pay launched nearly twelve years after its initial announcement.
- Apple Pay supports Visa and Mastercard credit cards from Axis Bank.
- Apple Pay does not work with cards from State Bank of India and HDFC Bank.
- Apple Pay is accepted at Apple Store locations, Blinkit, Chaayos, Comet, Croma, Interflora, Ixigo, Le15 Patisserie, Reliance brands, Tata 1mg, and Zomato.
Apple Pay Enters Indian Market
Apple Pay is set to launch in India, with Axis Bank serving as the initial banking partner. The service will support eligible Axis Bank cards on Visa and Mastercard networks. This marks Apple Pay's entry into India after years of absence from the market.
Limited Initial Rollout
The initial rollout will be limited, with acceptance restricted to merchants and payment terminals enabled for the service. Notably, Apple Pay will not support India’s homegrown RuPay network at launch. Other major banks like HDFC Bank, ICICI Bank, and SBI Card are not expected to support the service initially due to ongoing commercial negotiations.
Commercial Terms and Market Challenges
Apple is reportedly seeking a fee of approximately 20 basis points on transactions, which is a significant portion of the typical 40 to 50 basis points margin in the payments layer. This fee structure has been a point of contention with some Indian banks. Unlike India's dominant Unified Payments Interface (UPI) system, which enables instant bank-to-bank payments, Apple Pay is card-based and requires integration with individual issuers and payment infrastructure providers, making a broad rollout more complex.
UPI Dominance in Indian Payments
The Indian digital payments market is largely driven by UPI, a state-backed system that facilitates direct money transfers between bank accounts. UPI handles the majority of digital payments, with QR code scanning for payments being a common practice. Apple Pay will initially target the smaller card payments market.
Potential Appeal to iPhone Users
Despite UPI's dominance, Apple Pay could appeal to India's growing base of iPhone users. These users are often more affluent and more likely to use premium credit cards. This demographic could make Apple Pay a service that banks find difficult to ignore, even if it remains a niche offering within the broader Indian payments landscape.
Updates
- Apple Pay supports Visa and Mastercard credit cards from Axis Bank.
- Apple Pay does not work with cards from State Bank of India and HDFC Bank.
- Apple Pay is accepted at Apple Store locations, Blinkit, Chaayos, Comet, Croma, Interflora, Ixigo, Le15 Patisserie, Reliance brands, Tata 1mg, and Zomato.
- Apple Pay is available in 101 countries and regions.
- Apple Pay launched nearly twelve years after its initial announcement.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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How outlets covered it
Apple Pay has launched in India, over a decade after its initial release, supporting only Visa and MasterCard credit cards from Axis Bank due to local banking regulations. This limited rollout marks Apple Pay's entry into the world's most populated country, with broader adoption dependent on ongoing negotiations with other banks regarding transaction fees.
Apple Pay has officially launched in India, with Axis Bank as the initial banking partner for Visa and Mastercard credit cards. This expansion marks Apple Pay's availability in 101 countries and regions, further solidifying Apple's presence in a key growth market.
Apple Pay is launching in India with Axis Bank as its first banking partner, supporting Visa and Mastercard. The rollout is limited and faces challenges in a market dominated by UPI, which facilitates direct bank-to-bank payments.