Apple Pay Debuts in India via Axis Bank, Omits RuPay and Major Lenders

Apple (AAPL) launched Apple Pay in India on September 30, 2026, partnering with Axis Bank as its first local banking partner to enable contactless and online payments for iPhone, iPad, and Apple Watch users. At launch, only eligible Axis Bank Visa and Mastercard credit cards are supported, excluding India's domestic RuPay network. HDFC Bank, ICICI Bank, and SBI Card remain absent as commercial negotiations continue. Apple is seeking roughly 20 basis points per transaction, a significant share of the 40 to 50 basis points that comprise the payments layer economics. The service enters a market dominated by the state-backed Unified Payments Interface, where Google Pay, PhonePe, and Paytm lead. Because Apple Pay relies on card infrastructure rather than bank-to-bank transfers, it competes for a narrower slice of Indian payments activity. Bloomberg reported the service is expected to expand to additional banks and UPI over time. Apple Pay is now available in more than 90 countries and works with over 11,000 bank and network partners globally.