For the last one year, speculation has been rife that Apple Pay will make its way to India in late 2026. Now, a new report has surfaced that it is almost confirmed to make its debut next month in the subcontinent.Reuters…

For the last one year, speculation has been rife that Apple Pay will make its way to India in late 2026. Now, a new report has surfaced that it is almost confirmed to make its debut next month in the subcontinent.Reuters, citing reliable company insiders, has revealed that Apple Pay will finally launch in October. Initially, it will partner with Axis Bank, India’s fourth-largest credit card issuer.@import url(‘https://fonts.googleapis.com/css2?family=Playfair+Display:wght@700&family=Roboto+Slab:wght@400&display=swap’);
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}Quick summary – click for full detailsConcise summary of key highlightsApple Pay is all set for launch in India next month; to be available first for Axis Bank credit card usersIn one lineApple Pay is set to launch in India next month, partnering initially with Axis Bank for NFC-based digital card transactions.Key highlights• Launch timeline and partnerApple Pay is confirmed to debut in India next month, initially partnering with Axis Bank, India’s fourth-largest credit card issuer.• Technology and functionalityUsers can store virtual cards on iPhones or Apple Watches to make NFC payments, featuring Express Card mode which works even when the phone’s battery is dead.• Market competitionApple Pay will compete with established UPI-based platforms like PhonePe, Google Pay, and Amazon Pay, which currently dominate digital payments in India.• Bank negotiations and commissionsApple is negotiating transaction commissions of 0.15-0.2% with banks and is in talks with ICICI Bank and HDFC Bank to expand availability.Key statisticsNext monthLaunch timeframeFourth-largestAxis Bank credit card market positionMore than 80 per centUPI market share for digital cash transfers0.15-0.2%Apple’s desired commission rate0.1%Banks’ proposed commission rateProcessed with AI. Reviewed by DH Digital Team.With this, Apple Pay will be competing with the PhonePe Google Pay, and Amazon Pay, which run on Unfied Payment Interface (UPI) developed by National Payments Corporation of India (NCPI) . The latter accounts for more than 80 per cent of digital cash transfer methods, as it supports multiple avenues to exchange money such as QR codes, phone numbers and even Tap-and-Pay, which Apple Pay will support along with biometric facial and fingerprint-based authentication.No US pressure in UPI MDR decision; NPCI circular offers no advantage to foreign credit cards: Finance MinistryWith Apple Pay, users will be able to store a virtual Axis Bank card on their iPhone or a companion Apple Watch to make purchases through NFC (Near Field Communication). Once activated, users don’t even have to open the app; they just have take their device to the Point-of-Sale(PoS) machine, and a tap on it will successfully transfer the money seamlessly.An interesting aspect of this tech is that owners can transact even if the iPhone’s battery is dead, provided the user has Express Card mode on.And, to lure more customers to Apple Pay, ike rival brands, Apple is likely to offer lucrative cashbacks on the purchase of apparel, sports equipment, consumer electronics goods in select marketplaces and e-commerce platforms and also discounts on its products such as iPhones, iPad, Mac computers and digital services such as Apple Music, Apple TV and more.Besides Axis Bank, Apple is also negotiating terms and conditions with ICICI Bank and HDFC Bank to expand Apple Pay availability to more customers across India.It is believed that Apple is seeking a commission of around 0.15-0.2% per transaction, while some banks are insisting the Cupertino-based company settle for a 0.1% cut for every purchase.For instance, if an Apple Pay user buys an item worth Rs 100, it wants to seek around15-20 paise commission.Initially, Apple will offer credit card services via MasterCard or Visa, two of the most prominent international payment networks.Google Pay gets conversational Gemini AI assistant in IndiaGet the latest news on new launches, gadget reviews, apps, cybersecurity, and more on personal technology only on DH Tech.

Source: Deccan Herald