Apple is presently awaiting regulatory clearance to launch its payment service, Apple Pay, in India. The business is in negotiations with major card networks as well as three key banks in the nation. Apple Pay was introduced in the United States in September 2014 and has subsequently expanded globally, although it has yet to be made accessible in India. As of yet, the technology behemoth has not issued any formal confirmation on the rumoured debut.
Apple Pay is slated to join the competitive landscape of digital payment systems in India, competing with both local services like PhonePe and BHIM UPI, as well as international options like Google and Amazon Pay. This move follows Apple’s purpose of broadening its payment options and capitalising on India’s fast-developing digital payment ecosystem, where mobile and online transactions are becoming more prominent.
According to a news report, the company is in talks with several major Indian banks and global card networks to prepare for the launch of Apple Pay in India, which is expected to become the world’s most populous market. According to Bloomberg, the business is in talks with ICICI Bank Ltd., HDFC Bank Ltd., and Axis Bank Ltd. with the goal of launching its payment service by the middle of 2026.
Also Read: Acerpure Chill Neo Split Inverter AC series with Ice Blast Mode launched in India
Although the launch date remains unknown, continued discussions indicate progress toward that aim. The revelation has already had an influence on the stock prices of local payment rivals, such as Paytm, which fell in response to the news.
As part of these conversations, it seems that the first proposals do not include the necessity for third-party application provider clearance for the Unified Payments Interface (UPI) integration. However, it should be noted that the corporation has yet to publicly confirm any of these details.
Also Read: Instagram to notify parents if their teen tries to search for suicide or self-harm content
According to a report, Apple is aggressively working with payment networks such as Mastercard and Visa to support the debut of Apple Pay in India, which is anticipated to come a few months sooner than originally planned, rather than toward the end of the year. Apple Pay will initially support card-based contactless payments, but plans include the integration of the National Payments Corporation of India’s Unified Payments Interface (UPI). The delay in UPI integration has been due to regulatory permission. According to Bloomberg, Apple Pay will enable UPI, credit card, and debit card payments in India.
