Apple (AAPL.O), opens new tab is poised to launch Apple Pay in India next month with Axis Bank’s (AXBK.NS), opens new tab credit cards, three sources familiar with the matter said, as it works to expand support among the country’s lenders.
The launch, starting with a single major banking partner, would help the US company offer its payment service in the world’s most populous country, one of the few major economies where it is not available. Mumbai-based Axis Bank is the fourth-largest credit card issuer in India.
Apple Pay has also been in discussions with Axis Bank’s larger private sector rivals HDFC Bank (HDBK.NS), opens new tab and ICICI Bank (ICBK.NS), opens new tab but they are yet to agree commercial terms, two of the sources said.
All three sources spoke on condition of anonymity as the talks are private. Apple and HDFC did not respond to requests for comment from Reuters. ICICI and Axis said no comment when contacted by Reuters.
Apple Pay allows iPhone users to make tap-and-pay purchases using tokenised card details stored in their devices, without opening a separate payments app.
