Apple is preparing to launch its digital payment service Apple Pay in India, aiming to enter one of the fastest-growing digital payments markets. The company is in talks with global card networks like Mastercard and Visa and seeking regulatory approvals.
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New Delhi: Global technology giant Apple is preparing to launch its digital payment service, Apple Pay, in India. According to media reports, Apple has begun discussions with global card networks like Mastercard and Visa and is also working to obtain regulatory approval. If everything goes according to plan, Apple Pay could launch in India this year.
According to sources, Apple will roll out its digital payment platform in India in a phased manner. In the first phase, it will focus on card-based contactless payments. Users will be able to store their debit and credit card information in Apple Wallet and make payments by tapping their Apple device near a point-of-sale (PoS) machine.
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In the future, Apple Pay is likely to be integrated with UPI (Unified Payments Interface), but this will require the company to obtain separate approval. According to reports, Apple will not apply for a Third-Party Application Provider (TPAP) license for UPI.
Competition in the digital payments market in India has already increased even before the entry of Apple Pay. Samsung launched its digital payment platform, Samsung Wallet, in 2022, which is now integrated with UPI. The success of Samsung Wallet has strengthened the company's position in the Indian digital payments market. The entry of Apple Pay will further intensify this competition.
After the launch of Apple Pay, users will be able to store their debit and credit cards in Apple Wallet and make payments directly at PoS machines. This will reduce the need for cards and make transactions faster and more secure. Currently, most cards issued in India cannot be added to Apple Wallet, but this new initiative by Apple will make this feature commonplace.
India leads the world in fast digital payments; UPI transactions hit 18 Billion per month
Over the past few years, Apple has strengthened its hold on the Indian smartphone market and is now among the top 5 smartphone brands. With the launch of Apple Pay, the company is striving to establish itself not only in mobile hardware but also in the digital payments ecosystem.
