Techrepublic Apple Pay Launches in India Amid UPI Dominance
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- •Apple Pay launches in India with Axis Bank as its first partner.
- •Service is limited to Visa and Mastercard holders, excluding RuPay.
- •UPI dominates India's digital payments, making competition challenging for Apple Pay.
Apple Pay has officially launched in India, starting with Axis Bank credit cards, after years of regulatory delays. The service is limited to eligible Axis Bank customers holding Visa and Mastercard credit cards, excluding the domestic RuPay network. Apple Pay operates on a card-based system, unlike India's dominant Unified Payments Interface (UPI), which facilitates direct bank-to-bank transactions. The initial rollout is restricted, with major banks like HDFC, ICICI, and SBI Card not participating at launch due to ongoing negotiations over commercial terms. Apple aims to capture a segment of India's affluent iPhone users, despite UPI handling over 80% of digital transactions in the country. The launch follows extensive regulatory discussions, reflecting India's evolving digital payment landscape.
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