You can use Apple Pay in India from October
What's the story
Apple is all set to launch its payment service, Apple Pay, in India next month. The initial roll-out will be with Axis Bank's credit cards as a major banking partner. This move will mark Apple Pay's entry into the world's most populous country, where online payment services have become very popular.
Banking partner
Axis Bank 1st major banking partner for Apple Pay
Mumbai-based Axis Bank, India's fourth-largest credit card issuer, will be the first major banking partner for Apple Pay.
The move comes as part of Apple's strategy to expand its payment service support among Indian banks.
The company has also been in talks with HDFC Bank and ICICI Bank but has not yet finalized commercial terms with them.
Service details
Apple's strategy to onboard more banks over time
Apple Pay lets iPhone users make tap-and-pay transactions using tokenized card information saved on their devices.
The company intends to onboard more banks over time through direct, bank-by-bank deals, just like it has done in other markets.
This strategy is part of Apple's broader plan to expand its digital payment service in India, one of its biggest smartphone markets.
Market competition
UPI dominates India's digital payment market
India's digital payment market is dominated by the home-grown Unified Payments Interface (UPI), which accounts for 84% of the country's digital payments volume.
The Reserve Bank of India had permitted biometric authentication for card payments last year, paving the way for Apple Pay to work with Indian bank cards using Face ID and Touch ID.