Apple Pay Poised for Entry into the Indian Market by 2026
Apple Inc. is reportedly set to introduce its digital payment platform, Apple Pay, in India prior to the culmination of 2026. Already operational in 89 international markets, this service empowers iPhone and Apple Watch users to execute tap-to-pay transactions at authorized retail outlets.
Current reports suggest that Apple is in the throes of awaiting regulatory clearance as it gears up for its launch in the subcontinent. Apple Pay is expected to launch in India by the end of 2026, enabling tap payments. (Pexels)
As reported by Business Standard, Apple is collaborating with local banks, regulatory bodies, and card networks to ensure adherence to all necessary guidelines prior to the official launch.
Initially, the emphasis will be on card-based, contactless payment methods, while integration with India’s Unified Payments Interface (UPI) will likely follow, facing regulatory hurdles along the way.
Negotiations concerning fee arrangements with card issuers are ongoing, and it appears Apple may initially forgo seeking third-party UPI provider approval.
Functionality of Apple Pay in India
Upon its advent, Apple Pay will enable Indian consumers to perform NFC-based transactions via their iPhones or Apple Watches at locations equipped for contactless payments.
These include retail establishments, dining venues, petrol stations, and other service points. Furthermore, the platform will cater to in-app and online purchases wherever Apple Pay is accepted.
Potential Influence on the Digital Payments Landscape
The anticipated launch of Apple Pay is poised to galvanize competition within India’s digital payments arena, which already features a similar offering from Samsung via Samsung Wallet.
Industry experts speculate that Apple Pay’s introduction might catalyze a broader adoption of contactless transactions throughout the country.
On a global scale, Apple Pay has established partnerships with over 11,000 banks and financial institutions, in conjunction with more than 20 local payment networks, to facilitate secure digital transactions.
The company’s commitment to both convenience and security is underscored by its use of biometric authentication or passcodes on Apple devices for transaction verification.
As India continues its expansion in the digital payments domain, the debut of Apple Pay is anticipated to enhance the landscape of existing mobile wallets and UPI services, thereby providing consumers with additional avenues for expeditious and secure transactions.
Source link: Hindustantimes.com.
