Apple Pay is reportedly set to launch in India with Axis Bank as its only launch banking partner, according to TechCrunch. If you bank with HDFC Bank, ICICI Bank or SBI Card, your cards are not expected to work on day one.
TechCrunch reported on September 29 that the launch was expected that same day, citing people familiar with the matter. As of September 30, Apple has not made an official announcement about Apple Pay in India.
Which Cards Are Expected to Work With Apple Pay in India
The sourcing points to a narrow rollout rather than a broad one. Axis Bank is the only issuer lined up for the start.
- Issuer at launch: Axis Bank only
- Card networks: Visa and Mastercard credit cards
- RuPay: not supported at launch
- Where it works: online purchases, plus contactless payments on enabled terminals
In-store acceptance is also expected to be patchy. Not every acquiring bank has enabled its terminals for the service yet, per TechCrunch’s sources.
Why India’s Biggest Card Issuers Are Missing
The sticking point is money. Apple is asking for roughly 20 basis points of each transaction, per TechCrunch’s reporting.
That is a large ask in this market. The whole payments layer typically works on a margin of 40 to 50 basis points, so Apple’s cut would take a sizeable share of it.
Talks with HDFC Bank, ICICI Bank and SBI Card were still under way when TechCrunch published. All three are described as not expected to support Apple Pay at launch.
Apple and Axis Bank did not respond to TechCrunch’s requests for comment. Nor did HDFC Bank, ICICI Bank or SBI Card.
For readers, that gap matters more than the launch itself. A wallet you cannot load your main credit card into is not much use. All three of the issuers sitting it out are among India’s largest.
Why Apple Is Bothering at All
Card payments are not where most Indian digital spending happens. UPI handles free, instant transfers straight between bank accounts, and it dominates everyday payments.
Apple Pay is card-based, so it starts out aimed at a smaller and more affluent slice of the market.
Apple still has reason to push into payments here. It held 28 percent of India’s smartphone market by value in 2025, up from 23 percent a year earlier. Those figures come from Counterpoint Research, as cited by TechCrunch.
Reuters reported earlier in September that Apple was targeting an October India launch, also starting with Axis Bank. This report brings that timeline forward.
The sensible move for an Indian iPhone owner is to wait for Apple’s own announcement, then check whether their card is on the list. Until the fee argument is settled, that list looks likely to stay short.
Source: TechCrunch
