MUMBAI (Diya TV) — Apple Inc. is in discussions with leading Indian banks and global card networks as it prepares to launch Apple Pay in India, according to a report by Bloomberg News. The move signals the iPhone maker’s push into one of the world’s fastest-growing digital payments markets. People familiar with the matter said Apple is in talks with ICICI Bank Ltd., HDFC Bank Ltd., and Axis Bank Ltd. The company aims to roll out Apple Pay in India around the middle of 2026. The timeline remains flexible, but the discussions suggest that a launch is drawing closer.
India has become one of the largest digital payments markets in the world. Millions of people use smartphones to pay for goods and services every day. The country’s Unified Payments Interface, or UPI, has transformed how Indians send and receive money. It allows instant bank-to-bank transfers through mobile apps.
Apple’s entry could reshape competition in this space. The company already offers Apple Pay in several countries, including the United States and the United Kingdom. The service allows users to make contactless payments in stores, online, and within apps using their iPhones and Apple Watches. India represents a key growth market for Apple. The company has expanded iPhone production in the country and opened its first retail stores there in recent years. A launch of Apple Pay would deepen its presence and strengthen its services business.
Apple’s discussions with ICICI Bank, HDFC Bank, and Axis Bank highlight the importance of local banking partnerships. These banks rank among India’s largest private lenders. Their support would help Apple integrate its payment system with local cards and banking networks.
Global card networks may also play a role. Apple Pay relies on partnerships with Visa, Mastercard, and other networks in many countries. In India, it will likely need to adapt to local payment rules and regulations. The report did not disclose specific details about how Apple Pay would operate in India. However, experts say Apple must align its service with India’s digital payments framework, including UPI and local data requirements.
News of the talks affected Indian payment stocks. Shares of incumbent providers such as Paytm fell after the report. Investors appear to expect stronger competition if Apple enters the market.
India’s digital payments sector already includes several established players. Paytm, PhonePe, and Google Pay dominate mobile transactions. They offer UPI-based services that allow users to transfer money instantly at no cost. Apple Pay often focuses on card-based transactions in other markets. In India, most digital payments rely on UPI rather than credit or debit cards. Analysts say Apple may need to integrate UPI directly into its wallet to compete effectively.
Apple has increased its focus on India over the past few years. The company now assembles a growing share of its iPhones in the country. It has also seen strong sales growth as more Indians upgrade to premium smartphones. A mid-2026 launch would give Apple time to finalize partnerships and secure regulatory approvals. India’s central bank closely oversees digital payments. Any foreign company must comply with local rules on data storage and security.
Apple Pay’s launch could also support Apple’s broader services strategy. The company earns revenue from financial services, app purchases, and subscriptions. Expanding Apple Pay in India would add another revenue stream in a key emerging market.
If Apple Pay launches in India, iPhone users could gain a new way to make contactless payments. They would be able to link their bank cards to the Apple Wallet app and pay by tapping their phones at supported terminals. However, the service may face challenges. India’s payment ecosystem already offers fast and free options through UPI apps. Apple must offer features that stand out in a highly competitive market.
For now, Apple and the banks have not confirmed the discussions publicly. The reported talks suggest that Apple sees long-term opportunity in India’s digital economy. As India continues to lead in mobile payments growth, Apple’s next move could reshape the competitive landscape. A successful launch of Apple Pay would mark another milestone in the company’s expanding footprint in the country.
