Apple Pay launches in India with Axis Bank today
Apple is launching its Apple Pay service in India on Tuesday through a partnership with Axis Bank.
Initial rollout limitations apply
The new payment system will first support eligible Axis Bank cards issued on Visa and Mastercard networks. Merchants must have specific terminals enabled to accept these transactions at the start of the program. The service does not currently include India's domestic RuPay network for users.
Fee structure creates friction
Apple seeks a transaction fee of approximately 20 basis points from participating banks. This rate represents a smaller share of the margin compared to the typical 40 to 50 basis points found in the local payments layer. Negotiations with other major lenders like HDFC Bank and ICICI Bank are still ongoing.
Market entry strategy details
The launch marks Apple's return to a market previously dominated by the Unified Payments Interface system. Card-based transactions require integration from individual issuers, making the expansion process more complex than instant bank-to-bank transfers. Sources indicate that the initial phase will remain limited in scope.
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