New Delhi, September 30: Apple has officially launched Apple Pay in India, entering one of the world’s largest digital payments markets, with Axis Bank as its first banking partner. The service initially supports eligible Axis Bank-issued Visa and Mastercard credit cards on iPhone, iPad and Apple Watch, while Mac support is expected to follow soon. (Apple)
Apple Pay allows users to make payments at participating stores, in apps and on websites using compatible Apple devices. Apple said the service is designed to provide a secure and private payment experience without requiring users to manually enter PINs or OTPs at checkout. (Apple)
UPI Continues to Dominate
Industry experts said Apple Pay’s entry strengthens Apple’s ecosystem in India, where UPI accounts for more than 80 per cent of digital payment volume.
Prabhu Ram, Vice President of the Industry Research Group at CMR, said Apple Pay’s launch completes another part of Apple’s hardware, software and services ecosystem in India.
However, analysts do not expect Apple Pay to replace UPI for everyday payments. Instead, the service could encourage greater use of credit cards among Apple device users by making card payments more convenient.
Axis Bank Cards First
At launch, customers with eligible Axis Bank Visa and Mastercard credit cards can add their cards to Apple Pay and use them at participating merchants across India and at locations accepting NFC payments. Other banks are expected to determine how far the service’s user base expands as additional issuers join the platform. (Apple)
Research Director Tarun Pathak of Counterpoint Research said Apple Pay could increase card usage among Apple device owners by reducing friction during checkout, particularly by eliminating the need for OTP-based authentication in supported transactions.
India’s credit-card market has expanded significantly in recent years, with the country’s credit-card base now exceeding 120 million, according to industry estimates cited by analysts.
Apple Pay vs UPI
Apple Pay’s launch does not mean Apple is replacing UPI. Rather, the service provides Apple users with another payment option focused on credit-card and NFC-based transactions.
With UPI deeply established for everyday digital payments, the key factor for Apple Pay’s expansion in India will be the addition of more banks and cards to the platform.
Apple’s India launch marks a significant expansion of its global payments ecosystem into a market where digital payments are already highly developed.
