Apple begins talks with banks to launch Apple Pay in India this year: Report

US-based Apple is reportedly in discussions with leading Indian banks and global card networks as it prepares to launch Apple Pay in India, potentially by mid to late 2026, according to a Bloomberg report.

The report said that the iPhone maker is in talks with ICICI Bank Ltd., HDFC Bank Ltd. and Axis Bank Ltd. for a possible rollout of its payments service in the country. It is also engaging with Mastercard Inc. and Visa Inc. as part of the plan.

According to earlier reports, the rollout is expected to happen in phases. In the first stage, Apple Pay may focus on card-based contactless payments. Users would be able to add debit or credit cards issued by partner banks to Apple Wallet and make payments by tapping their iPhone or Apple Watch on NFC-enabled point-of-sale terminals.

Currently, cards issued in India cannot be added to Apple Wallet for domestic payments.

In later phases, Apple Pay is expected to support the UPI, which dominates the country’s digital payments ecosystem, enabling instant bank-to-bank transfers and bill payments.

However, reports suggest Apple may not immediately apply for a third-party app licence for UPI, as the regulatory process is more complex than enabling card-based payments. Any UPI integration would require separate approvals from relevant authorities.

Apple is also said to be in discussions with card issuers over the fees it would charge for access to its payments infrastructure. Globally, Apple is known to take a cut of transactions routed through Apple Pay.

Apple Pay uses Face ID or Touch ID to authenticate transactions made in person through tap-to-pay, as well as on websites and apps.

Financially, Apple India reported a 16% year-on-year rise in net profit to Rs 3,196 crore in FY25. Operating revenue increased 19% to Rs 79,060.5 crore. Services revenue, which includes Apple Care, technical support and subscriptions, stood at Rs 4,380 crore during the year.