Apple is set to launch Apple Pay in India in October with Axis Bank credit cards, according to sources. Mumbai-based Axis Bank is India’s fourth-largest credit card issuer.

Apple has also been in talks with HDFC Bank and ICICI Bank to add more card issuers. Sources said one sticking point was commercial terms.

HDFC Bank and ICICI Bank had yet to agree on those terms.

The rollout would bring Apple Pay to one of the few major economies where the service is still unavailable.

It would also enter a payments market dominated by the Unified Payments Interface, or UPI, which handles 84% of India’s digital payment volume.

Apple Pay lets iPhone users make tap-and-pay purchases with tokenized card details stored on their devices, without opening a separate payments app.

Apple had previously resumed card payments for some services in India after Reserve Bank of India, or RBI, rule changes, underscoring how local card regulations have shaped its payments operations in the country.

🔗 Source: Reuters

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