Source The economics Times
In a significant move that could reshape India’s digital payments ecosystem, Apple Inc. is reportedly in discussions with leading private lenders — ICICI Bank, HDFC Bank, and Axis Bank — to introduce its payment services in India.
According to industry sources, the tech giant is exploring partnerships to roll out its global payment platform, potentially including Apple Pay, for Indian consumers. The move signals Apple’s intent to tap into one of the world’s fastest-growing digital payment markets, where Unified Payments Interface (UPI) transactions dominate daily commerce.
India has witnessed exponential growth in cashless transactions over the past few years, driven by smartphone penetration, affordable internet access, and strong regulatory support. By collaborating with established banking institutions, Apple aims to integrate its payment ecosystem seamlessly with India’s existing financial infrastructure.
If finalized, the partnerships could enable iPhone users in India to link their bank accounts or cards for contactless payments at retail outlets, online platforms, and apps. Currently, while Apple devices support digital wallets, the absence of a fully integrated Apple Pay system has limited the company’s presence in India’s payments space.
Industry experts believe Apple may also adapt its services to align with India’s UPI framework, which would be crucial for widespread adoption. Banks such as ICICI, HDFC, and Axis have strong digital banking capabilities and large customer bases, making them strategic allies for Apple’s expansion plans.
The development comes at a time when global tech companies are increasingly focusing on India as a key growth market. With rising iPhone sales and expanding manufacturing operations in the country, Apple’s potential entry into digital payments could further strengthen its ecosystem strategy.
Neither Apple nor the banks involved have officially confirmed the discussions. However, if the deal materializes, it could intensify competition in India’s already crowded digital payments landscape, currently dominated by domestic and international fintech players.
The move underscores Apple’s broader ambition to diversify revenue streams beyond hardware and deepen customer engagement through financial services in high-growth markets like India.
