Apple Pay is in discussion with key banks and may soon arrive in India: Report

Apple Pay: Since September 2014, Apple Pay, the company’s digital payment system, has been available in a number of international regions. But in India, it was not yet accessible. But this might soon change.

In September 2014, the Cupertino-based tech business introduced Apple Pay as a digital payment service. The service was once limited to the United States before being extended to other international markets. Nevertheless, the digital payment service has not yet been launched in India, some 11 years after it was first introduced. It is being stated, though, that this might alter. Due to a recent rumor, Apple was in negotiations with multiple card networks to launch Apple Pay in the nation. Three significant Indian financial institutions are now in negotiations with the iPhone manufacturer. It was once anticipated to make its debut in the nation by the end of this year, but there are now rumors that it might happen sooner.

[Apple Pay’s Possible Indian Launch Schedule]

According to Bloomberg, which cites people with knowledge of the situation, the Cupertino-based company is in negotiations to introduce its contactless payment service, Apple Pay, in India with key Indian banks, including ICICI Bank, HDFC Bank, and Axis Bank.

Also, the journal was informed by industry sources that the corporation intends to introduce Apple Pay by the middle of 2026 in an attempt to take advantage of the significant demographic dividend in the nation.

As to a report from last month, the US internet giant was discussing the launch of this service to India with a number of payment networks, including Mastercard and Visa. By the end of this year, the company was supposed to introduce Apple Pay across the nation. According to recent sources, Apple has chosen to move forward the launch date by a few months.

As to the report, Apple plans to integrate NPCI’s Unified Payments Interface (UPI) after initially supporting card-based contactless payments in India. According to the article, the delay was caused by awaiting regulatory approval.

Based on Bloomberg sources, Apple’s digital payment service would accept credit card and debit card payments in addition to UPI from the National Payments Corporation of India, which is backed by the Reserve Bank of India.

Also, it is said that Apple is negotiating pricing arrangements with credit card firms. According to reports, Apple would not first ask third-party application providers for permission to integrate UPI. When Apple Pay first launches, it will face competition from both domestic digital payment systems in India, such PhonePe and BHIM UPI, as well as foreign competitors like Google Pay and Amazon Pay. The company has not yet verified these specifics, though.