Apple Pay: Apple Pay service will launch soon in India, allowing iPhone users to make payments without taking out their cards..

Apple is rapidly moving towards launching its popular digital payment service, Apple Pay, in the Indian market. The company has already begun initial discussions with major card networks like Mastercard and Visa. According to reports, Apple is currently in the process of obtaining the necessary regulatory approvals. Apple plans to roll out Apple Pay in India in a phased manner by 2026. In the first phase, the company may launch the service without UPI support.

Service to launch without UPI

According to reports, Apple will not apply for a Third-Party Application Provider (TPAP) license for UPI in the initial stages. This means that initially, Apple Pay will focus entirely on card-based contactless payments. This feature will allow iPhone users to save their debit or credit cards in Apple Wallet. They will then be able to make payments at shops, malls, or other merchant outlets simply by tapping their phone.

Tap-to-pay will make payments easier.

Apple Pay uses ‘Tap-to-Pay’ technology, which is based on NFC (Near-Field Communication). During payment, users can confirm the transaction with Face ID or Touch ID, making the process both fast and secure. Currently, the facility to add Indian cards to Apple Wallet is not available.

The RBI has strict regulations regarding digital payments in India, especially concerning data storage and card tokenization. Apple is continuously discussing these regulations with the regulators to ensure compliance. Discussions are also underway with banks regarding fee structures and commercial agreements. According to reports, Apple takes a small commission from banks on every transaction. Reaching an agreement with banks on this in India could prove to be a major challenge for the company.

Tough competition for UPI apps

In the Indian market, Apple Pay will directly compete with existing UPI apps like Google Pay, PhonePe, and Paytm. However, Apple Pay will only work on Apple devices such as iPhones, Apple Watches, and iPads, while other apps are available on both Android and iOS platforms. Apple's premium smartphone segment is growing rapidly in India. Therefore, it is expected that Apple Pay could become particularly popular among high-end users.

Apple Pay is available globally.

Apple Pay is already available in 89 countries worldwide. Its entry into India is considered part of Apple's strategy to make India its next major market after China. Previously, Apple had partnered with Razorpay to introduce some international payment features in India.

Disclaimer: This content has been sourced and edited from Amar Ujala. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.