Noida, Sep 30 (APAC Media): Apple has launched its Apple Pay payments service in India, marking the company’s entry into one of the world’s largest digital payments markets and setting the stage for competition with established players including Google Pay and Paytm, Reuters reported.
Apple Pay allows eligible users to make contactless payments using compatible iPhone and Apple Watch devices. At launch, the service supports eligible Visa and Mastercard credit cards issued by Axis Bank, with Apple saying it plans to add support for cards from other banks as their systems become ready.
Users can add supported cards to Apple Wallet and make payments at contactless-enabled terminals. The service can also be used for online purchases where Apple Pay is accepted.
Jennifer Bailey, Apple’s vice president for Apple Pay and Apple Wallet, said India presents an opportunity because card usage is increasing and more merchants are adopting contactless payment technology.
“While India is incredibly digitally savvy and card usage is climbing, it’s also a market where contactless payments are still a relatively new behaviour for some consumers and merchants,” Bailey said.
Apple’s entry comes at a time when digital payments have become a major part of everyday transactions in India. Google Pay, PhonePe and Paytm have built large user bases through the Unified Payments Interface, or UPI, which allows customers to transfer money directly between bank accounts.
However, Apple Pay’s initial rollout in India differs from its offering in several other markets, with the service currently focused on card-based contactless payments and without support for UPI transactions.
The move comes as Apple enters a market where consumers are already accustomed to QR code-based payments and mobile apps for instant bank-to-bank transfers.
UPI remains a dominant force in India’s digital payments landscape, processing billions of transactions in recent months. The scale of UPI usage underscores the size and maturity of the digital payments market Apple is entering.
Apple’s move also comes as the company continues to expand its presence in India. The company has opened more retail stores in the country and has been increasing its network of partners and retailers.
The launch could strengthen the integration between Apple’s devices and payment services, particularly for customers who regularly use iPhones and Apple Watches.
For now, Apple Pay has a relatively limited banking and card-network presence in India. Its future growth will depend on how quickly Apple adds more banks, cards, merchants and payment options.
The company’s entry nevertheless represents a significant development in India’s digital payments sector and adds another international technology company to an increasingly competitive market.
–ENDS–
Disclaimer: This article is for informational purposes only and is based on publicly available information. APAC Media is not responsible for investment decisions or losses. Please conduct your own research or consult a financial adviser before investing.
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