US based tech giant Apple is reportedly planning to launch its fintech service Apple Pay in India by the end of 2026. However, the company has not revealed anything officially yet. The Apple Pay is available in 89 countries across the globe. The news of its India launch comes after the launch of Fitness+ service in India previous month.
The company’s sale in India is rapidly growing year on year after which the brand is also started expanding its portfolio in the country. Through the launch of the Apple Pay after years of delays due to regulators, including the RBI. The initial launch of the fintech service is likely to focus on contactless NFC tap-to-pay transactions using credit and debit cards at offline stores. This feature will allow iPhone users to make seamless payments by clicking twice the side button and holding the phone near a supported device.
Major challenges to Apple Pay in India
The fintech service has been restricted in India to cross border transactions mainly due to data localisation rules and other compliance required by the RBI. The media reports and experts claim that Apple is gearing up to seek mandatory clearances to support domestic card storage in the Apple Wallet and in-stores payments.
The media reports also suggest that the company will start rolling out the service with card-based tap-to-pay feature, the same way the company offers the service in over 50 countries with NFC support around the world. The company may integrate with India’s dominant Unified Payments Interface (UPI) system at a later stage after its official launch in India. The company is releasing its fintech features step-by-step to align with other regulated markets.
India’s Fintech Scenario
The fintech ecosystem in India is led by UPI which offers quick QR code scans and instant money transfers through apps like Google Pay, PhonePe, and Paytm etc. These application rules the digital payment market in India with the help of UPI for speed and convenience across income groups.
Syed Ziyauddin is a media and international relations enthusiast with a strong academic and professional foundation. He holds a Bachelor’s degree in Mass Media from Jamia Millia Islamia and a Master’s in International Relations (West Asia) from the same institution.
He has work with organizations like ANN Media, TV9 Bharatvarsh, NDTV and Centre for Discourse, Fusion, and Analysis (CDFA) his core interest includes Tech, Auto and global affairs.
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