(Bloomberg) — Apple Inc. (AAPL) is in discussions with key Indian banks and global card networks in preparation to start Apple Pay in the world’s most populous country.
The iPhone maker is in talks with ICICI Bank Ltd. (ICICIBANK.NS), HDFC Bank Ltd. (HDFCBANK.NS) and Axis Bank Ltd. (AXISBANK.BO), as it aims to introduce its payment service in India around the middle of 2026, according to people with knowledge of the matter. The timeline remains fluid, but the talks indicate an approaching launch. Shares of incumbent Indian payments providers including Paytm (PAYTM.NS) declined.
Most Read from Bloomberg
Apple is also discussing the plan with payment networks Mastercard Inc. (MA) and Visa Inc. (V), said the people, who asked not to be named because the deliberations are private. Apple declined to comment, while representatives of the banks and payment networks didn’t immediately respond to requests for comment.
The planned launch marks another step in Apple’s push to expand in the country of 1.4 billion people with a rapidly expanding middle class. While its market share is still small in a region dominated by less expensive Android devices, Apple’s increased manufacturing and retail presence in India has helped it make inroads.
Apple Pay in India is expected to support India’s state-backed Unified Payments Interface, or UPI, alongside card based payments. UPI, which allows Indian customers to instantly transfer money and pay bills, dominates India’s digital payments space.
The National Payments Corporation of India, which operates and manages UPI, didn’t respond to a request for comment. The Times of India earlier reported the India plans for Apple Pay.
Rival Alphabet Inc.’s Google Pay, Walmart Inc.-controlled PhonePe and Amazon.com Inc. are among the global players already operating digital payments platforms in India alongside homegrown players like Paytm.
Shares of Paytm parent One97 Communications Ltd. fell as much as 2.6%, while AvenuesAI Ltd. and Pine Labs Ltd. extended losses.
India’s central bank late last year set new rules that allow biometric authentication, such as fingerprint or facial recognition, for digital payments. Indian authentication mechanisms have previously largely relied on one-time passwords sent via text message.
Apple Pay relies on Face ID or Touch ID to approve payments in-person via tap-to-pay, on websites and through apps.
