Apple Pay launches in India with Axis Bank partnership on Tuesday

Apple Pay: Apple Pay is Apple's contactless payment and digital wallet service that allows users to make secure in-store, online, and in-app payments using Apple devices. It relies on tokenized card details and biometric authentication for transactions. The service is preparing to launch in India as its initial banking partner with Axis Bank, bringing the feature to one of the last major markets where it has been unavailable. Axis Bank: Axis Bank is a prominent private sector bank in India providing banking and financial services, including credit cards issued on major networks. It is serving as the first partner for Apple Pay's entry into the Indian market. Eligible Axis Bank credit cardholders will be able to add their cards to Apple Wallet for payments once the service goes live. Market Entry: India has long been one of the largest economies without Apple Pay availability, with its payments landscape dominated by the UPI system. Regulatory Enabler: The Reserve Bank of India has implemented changes allowing biometric authentication for card payments, supporting the use of services like Apple Pay with Indian-issued cards. Partnership Strategy: Apple is launching with a single initial bank and plans to expand support to additional lenders over time through separate agreements.