Apple Pay May Launch in India in October with Axis Bank Support
Apple Pay may be launched in India in Oct with support for Axis Bank credit cards. Deals with HDFC Bank and ICICI Bank are yet to be confirmed but Apple is also in talks with the banks for future cooperation. This would allow customers to make contactless purchases using iPhones and Apple Watches.
According to reports, Apple is gearing up to introduce Apple Pay in India next month. The initial deployment is likely to support Axis Bank credit cards. According to multiple news sources, the service might launch in October. Apple is currently in discussions with HDFC Bank and ICICI Bank as well. But Apple and these banks still haven't concluded their business arrangements.
By linking compatible bank accounts to the Wallet app on an Apple Watch or iPhone, customers may make contactless purchases. Several authentication methods are available to customers during purchases, including Face ID, Touch ID, and the device passcode. Instead than giving businesses access to customers' real credit card numbers, the service uses tokenised details. In other words, when customers use Apple Pay as usual, they won't have to reveal their actual credit card details.
Apple Eyeing for India’s Massive Digital Payment Market
The Unified Payments Interface (UPI) is already the industry leader in digital payments, but Apple Pay is about to change all that. Users frequently depend on QR codes, mobile numbers, and UPI apps for routine transactions; according to a media agency, UPI accounts for approximately 84% of India's digital payment volume. The service may attract a sizable audience in India, where Apple is rapidly expanding its influence.
As a general rule, Apple will expand into new Indian banks one by one. This means that Axis Bank cards may be the only ones supported at first, with more lenders added through separate arrangements. The news agency quoted data from Counterpoint Research showing that Apple's market share in India's smartphone industry has grown from 4% in 2022 to 8% in 2023.
Another factor that could help Apple Pay work in India is the Reserve Bank of India's decision to permit biometric authentication for card payments. But the release date, supported cards, and full list of financial partners have not been announced by Apple. There are a number of big markets where Apple Pay has been accessible for some time now. Having said that, an official launch in India is still pending.
Apple to Shift 35% iPhone Production to India
According to a representative from the Ministry of Electronics and Information Technology (MeitY), the government anticipates that Apple will increase the percentage of its worldwide iPhone production that is manufactured in India from 25% to 30–35% within the next five years. He mentioned that the total yearly production value might increase from $25 billion in FY26 to $40-45 billion by FY31.
Even though the plan is still in the works, the government has stepped in with a five-year incentive package for mobile phones worth INR 62,500 crore (after the PLI scheme in mobiles concluded in FY26). The majority of the gains, according to experts, will go to Apple Inc.'s suppliers. Tax exemptions for contract manufacturing will remain in effect until March 31, 2041, and the government has recently announced a new incentive programme. An extensive system of contracted manufacturers and assembly partners allows Apple to produce its wares on a worldwide scale.
