- The tech giant has discussed potential partnerships with HDFC Bank and ICICI Bank.
- Apple enters a market dominated by UPI, which handled 84% of India’s digital payments volume last year.
Apple could launch Apple Pay in India next month with support for Axis Bank credit cards, according to the sources cited by Reuters.
The planned rollout would mark Apple Pay’s entry into one of the few major economies where the payment service is not yet available. The company would initially work with one banking partner before seeking agreements with other lenders.
Apple has also discussed a potential Apple Pay partnership with HDFC Bank and ICICI Bank, two larger private-sector lenders in India. However, the banks and Apple have not yet agreed on commercial terms.
Apple plans to add more Indian banks through separate agreements, according to the cited sources. This approach would allow the company to expand Apple Pay gradually instead of launching the service with broad support from the start.
Apple is taking advantage of its strong financial perfomance in the recent past. In July, the tech giant filed with the Securities and Exchange Commission its strongest June quarter ever. Total revenue was $109.4 billion, up 16 percent from a year earlier. The company also reported diluted earnings per share of $2.02 for its fiscal 2026 third quarter ended June 27, 2026, up 29 percent year over year, according to the filing.
Apple Plans a Phased Expansion
The planned launch comes as Apple expands its smartphone business in India. A larger base of iPhone users could give the company an established group of potential Apple Pay customers.
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However, Apple would enter a payments market where local services already dominate. India’s Unified Payments Interface, or UPI, supports transactions through QR codes, phone numbers and contactless payments.
UPI accounted for 84% of India’s digital payments volume last year. Its wide use has helped make it a central part of the country’s payments system.
Apple Pay would focus on card payments rather than directly replacing UPI’s bank-transfer model. The service could appeal to iPhone users who want to store their card details on their devices and authenticate transactions through Apple’s biometric systems.
The Reserve Bank of India allowed biometric authentication for card payments last year. The change means Apple Pay can support Indian bank cards through Face ID and Touch ID.
The potential agreement with Axis Bank would give Apple an initial foothold in India. The company’s broader expansion will depend on whether it reaches commercial agreements with HDFC Bank, ICICI Bank and other lenders.