Now Reading: Apple Pay likely to launch in India by October without UPI
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Apple Pay likely to launch in India by October without UPI
Apple Pay is expected to launch in India as early as October 2026, initially supporting only Visa and Mastercard credit cards and excluding UPI, according to reports. Users will be able to…
The Story in Brief
Apple Pay is expected to launch in India as early as October 2026, initially supporting only Visa and Mastercard credit cards and excluding UPI, according to reports. Users will be able to make contactless payments at NFC-enabled terminals by adding card details to Apple Wallet. The National Payments Corporation of India (NPCI) approval and a sponsor-bank partnership are required before UPI can be activated.
Apple is negotiating transaction fees with banks, seeking 15-20 basis points per transaction while banks have countered with about 10 basis points. Advanced discussions have been held with HDFC Bank, ICICI Bank, and Axis Bank, Medianama reports. Pine Labs CEO Amrish Rau has said Apple Pay's entry is likely before end-2026 and could boost credit card usage.
The Indian Opinion
The fee dispute between Apple and Indian banks reveals a familiar narrative of global tech giants expecting premium treatment in a price-sensitive market. Apple wants 15-20 basis points; banks offer 10. This is not about consumer cost but about who captures the interchange revenue. UPI's absence also shows Apple still needs local regulatory buy-in. The real test will be whether Apple bends on its fee demand or risks a limited launch that barely touches India's UPI-dominated payments landscape.
Sources (2): timesnownews.com, medianama.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
