Apple Pay Launches in India With Axis Bank Partnership
Apple has officially launched Apple Pay in India, beginning with Axis Bank as its first banking partner. Eligible Axis Bank Visa and Mastercard credit cards can now be added to Apple Wallet and used for contactless payments, as well as online and in-app purchases where Apple Pay is supported. The service is initially available on iPhone, iPad and Apple Watch, with Mac support to follow.
The initial rollout remains limited. RuPay cards are not supported, while major issuers including HDFC Bank, ICICI Bank and SBI Card are not live at launch as discussions over commercial terms continue. TechCrunch reports that Apple is seeking a transaction fee of around 20 basis points (0.2%), compared with roughly 40–50 basis points of margin in the payments layer. Apple Pay acceptance will also depend on whether individual merchants and payment providers have enabled the service.
Apple Pay enters a market dominated by UPI, which accounts for around 84% of India’s digital payments by volume. Unlike UPI’s bank-account-to-bank-account model, Apple Pay is initially focused on card-based payments, with transactions authenticated through device-level security such as Face ID, Touch ID or a passcode. Apple says the service is designed to complement existing payment methods, while the launch gives Indian banks and payment providers another digital-payment channel to support.
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