Apple Pay may launch in India by October with initial support limited to Visa and Mastercard credit cards, skipping UPI at launch as Apple negotiates transaction fees with Indian banks.
After a lot of delay, Apple is reportedly preparing to launch Apple Pay in India as early as October, marking the iPhone maker's entry into the country's digital payments market. The service would initially support only credit cards, giving Apple a foothold in India's premium card segment while also earning the company a cut on every transaction processed through it.
No UPI support at launch, Apple in talks with card networks
According to a Business Standard report, Apple Pay in India will begin by supporting global card networks such as Visa and Mastercard, following the same model the service uses in other markets. Unified Payments Interface support will not be available when the service goes live, since enabling UPI would require sign-off from the National Payments Corporation of India as well as a partnership with a sponsor bank to route transactions. Once live, users would be able to store their cards on Apple Wallet and make contactless payments at compatible point-of-sale terminals using near-field communication, the report said.
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