Daijiworld Media Network – New Delhi
New Delhi, Feb 26: Apple Inc. is in discussions with leading Indian banks and global card networks as it prepares to launch Apple Pay in India, the world’s most populous country, according to people familiar with the matter.
The iPhone maker is said to be in talks with ICICI Bank Ltd., HDFC Bank Ltd. and Axis Bank Ltd., targeting a potential rollout around mid-2026. While the timeline remains fluid, the discussions signal that the launch may be drawing closer.
Apple is also engaging with global payment networks Mastercard Inc. and Visa Inc. to support the service. Apple declined to comment on the development, while representatives of the banks and payment networks did not immediately respond.
The proposed launch marks another step in Apple’s expansion strategy in India, a market of over 1.4 billion people with a rapidly growing middle class. Although its smartphone market share remains modest in a country dominated by lower-priced Android devices, Apple has steadily increased its footprint through local manufacturing and retail expansion.
Apple Pay in India is expected to support the state-backed Unified Payments Interface (UPI), alongside card-based payments. UPI, operated by the National Payments Corporation of India, dominates India’s digital payments ecosystem by enabling instant bank-to-bank transfers and bill payments.
Apple’s entry would intensify competition in a space already led by players such as Google Pay, PhonePe, Amazon.com Inc. and homegrown fintech firm Paytm. Following reports of Apple’s plans, shares of Paytm’s parent One97 Communications Ltd. and other payment firms witnessed declines.
India’s central bank recently introduced rules permitting biometric authentication, including fingerprint and facial recognition, for digital payments. Apple Pay relies on Face ID or Touch ID for secure transactions across iPhones, Apple Watches, iPads and Macs.
With more than 750 million smartphone users and one of the fastest-growing digital payments markets globally, India represents a significant opportunity for Apple to boost its services revenue. The company typically earns a small fee on Apple Pay transactions.
An India launch could also drive hardware demand, given Apple Pay’s integration across its devices. Apple has grown its smartphone market share in India to around 10%, leaving considerable scope for expansion.
Beyond payments, Apple has been increasing local iPhone production in India to diversify manufacturing away from China, helping mitigate the impact of tariffs imposed during the tenure of Donald Trump. The company is also strengthening its retail presence and recently opened its sixth store in Mumbai.
Apple CEO Tim Cook has repeatedly highlighted India as a key growth market, noting that sales in the country are rising rapidly and form an important part of the company’s long-term strategy.