Apple Pay Launch in India

Apple Inc. is in advanced discussions with major Indian banks, including ICICI Bank, HDFC Bank, and Axis Bank, as well as global payment networks Visa Inc. and Mastercard, to launch Apple Pay in India by mid-2026. This strategic move aims to tap into India's burgeoning digital payments market, which is characterized by over 750 million smartphone users and a rapidly expanding middle class. Apple Pay is expected to support both traditional card-based payments and India's dominant Unified Payments Interface (UPI), a state-backed real-time payment system. The launch aligns with India's recent regulatory changes allowing biometric authentication for digital payments, which complements Apple Pay's Face ID and Touch ID features. This expansion is part of Apple Inc.'s broader strategy to increase its market share in India, diversify its manufacturing base away from China, and boost its services revenue, as the company typically earns a fee from Apple Pay transactions. The entry of Apple Pay will introduce a new competitive dynamic to a market already crowded with players like Alphabet Inc.'s Google Pay, Walmart-controlled PhonePe, Amazon (company) Inc., and Paytm.