Connect with us

News

Apple Pay finally launches in India after years on the sidelines

info

Published

on

GettyImages 1814216780 e1711055311427.jpg

Apple began rolling out Apple Pay in India on Tuesday, as TechCrunch was first to report. Its first banking partner is Axis Bank, the country’s third-largest private-sector lender. The move brings the company’s payments service to the world’s most populous country after years of delays in a market dominated by the state-backed United Payments Interface (UPI).

The initial rollout is limited. Apple Pay supports eligible Axis Bank cards on Visa and Mastercard, but not India’s homegrown RuPay network. Acceptance will also be restricted to merchants and payment terminals that have been enabled for the service.

Apple said the service would be accepted by “millions of merchants” across India, including Blinkit, Croma, Ixigo, Reliance brands, Tata 1mg, and Zomato. The company has worked with payment service providers including Cashfree, JusPay, Mswipe, Paytm, PayU, Pine Labs, Razorpay, and Worldline to enable Apple Pay acceptance.

Unlike India’s ubiquitous Unified Payments Interface (UPI) system, which lets consumers make instant bank-to-bank payments without relying on cards, Apple Pay is card-based and requires individual issuers and payment infrastructure providers to integrate with the service. This makes a broad rollout more complex. Apple’s commercial terms have also emerged as a sticking point with some of India’s largest banks, the people said.

Apple is seeking a fee of about 20 basis points (0.2%) on transactions, according to the people, a significant bite out of the roughly 40 to 50 basis points (0.4% to 0.5%) of margin in the payments layer. The fee structure is broadly consistent with Apple Pay’s commercial model in other markets, the people said. HDFC Bank, ICICI Bank, and SBI Card are not supporting Apple Pay at launch as negotiations over commercial terms continue, one of the people told TechCrunch.

Apple, Axis Bank, HDFC Bank, ICICI Bank, and SBI Card did not respond to requests for comment on the launch. Earlier this month, Reuters reported that Apple was preparing to launch Apple Pay in India in October, starting with Axis Bank credit cards.

Apple Pay has entered a payments market that looks markedly different from the U.S. and other card-heavy economies. India’s digital payments boom has been driven largely by UPI, the state-backed system that lets consumers move money directly between bank accounts.

UPI handles the bulk of digital payments in India, where scanning a QR code to pay directly from a bank account has become commonplace. Apple Pay, by contrast, initially addresses a much smaller card payments market.

Nevertheless, Apple Pay could appeal to India’s growing base of iPhone users, who tend to be more affluent and are more likely to use premium credit cards. Those customers could make the service hard for banks to ignore, despite UPI’s dominance.

Even if Apple Pay remains a niche service, the economics could still make India meaningful for Apple. The transaction fee the iPhone maker would charge would give it another way to monetize its growing base of iPhone users in the country, the people said.

At launch, eligible Axis Bank customers can add their credit cards to Apple’s Wallet app and use Apple Pay for online purchases as well as contactless payments at supported terminals, the people said.

An Apple Pay transaction could work at a terminal operated by an independent payments provider that has enabled the service but fail at another terminal whose acquiring bank has not, one of the people said. That could make acceptance uneven during the initial rollout, even for customers with supported cards.

The launch adds another piece to Apple’s growing business in India, where it has been expanding iPhone sales, local manufacturing, and its retail footprint. Apple accounted for 28% of India’s smartphone market by value in 2025, up from 23% a year earlier, per an earlier report by Counterpoint Research.

India already accounts for about a quarter of global iPhone production, and that share could rise to 30% to 35% over the next five years, Indian English daily Business Standard reported last month, citing an Indian government official.

Update: This story, originally published Tuesday morning, has been updated to reflect that the launch is now underway.

When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

UEL: Chukwueze Set to Miss Bournemouth Clash as Hip Problem Hits AC Milan

info

Published

on

WhatsApp Image 2026 10 21 at 4.33.28 PM.jpeg

Super Eagles winger Samuel Chukwueze is expected to miss AC Milan’s UEFA Europa League encounter against Bournemouth after suffering a left hip problem ahead of Thursday’s fixture.

READ ALSO: Chukwueze Continues to Impress as AC Milan Fight Back to Earn Point at Lazio | Sports247 Nigeria

The Nigerian international was absent from Milan’s final training session at the club’s Milanello training ground on Wednesday, October 21, raising concerns about his availability for the trip to England.

Sport247 reports that Chukwueze developed the problem following AC Milan’s 3-2 Serie A victory over Atalanta on Sunday, October 18. The winger is scheduled to undergo a specialist medical examination to determine the severity of the injury and establish his potential recovery period.

The setback comes at an important stage of Milan’s European campaign, with the Italian side preparing for their third league-phase fixture of the Europa League season.

Chukwueze has featured regularly for Milan this season, earning opportunities under head coach Ruben Amorim. His possible absence would reduce the team’s attacking options on the right flank as they prepare to face a Bournemouth side playing on home soil.

Milan are already dealing with other fitness concerns. Belgian winger Alexis Saelemaekers is sidelined following ankle surgery, while defender Matteo Gabbia also missed the final training session ahead of the Bournemouth encounter.

The extent of Chukwueze’s injury remains unclear, and the outcome of his medical assessment is expected to provide a better indication of how long he could be unavailable.

For Nigeria, the development will also attract attention as the Super Eagles continue to monitor the fitness of key players based abroad. However, no definite return date has been established for the winger.

AC Milan are scheduled to face Bournemouth at the Vitality Stadium on Thursday, October 22, in a fixture that will test the Italian club’s squad depth amid their growing injury concerns.

Chukwueze’s immediate focus will be on determining the extent of the hip problem and beginning the appropriate recovery process before returning to competitive action.

Continue Reading

Business

Andela, Flutterwave Co-Founder Iyin Aboyeji to Headline Insurance Meets Tech 5.0

info

Published

on

Insurance Meets Tech (IMT) has confirmed Mr. Iyinoluwa Aboyeji, OON, Co-founder of Andela and Flutterwave, and Founding Partner of Future Africa, as Headline Speaker for its fifth edition. IMT 5.0, themed “Building Insurance That Connects”, will hold on Friday, November 20, 2026, at the Balmoral Event Centre, Sheraton Hotel, Ikeja, Lagos.

Mr. Aboyeji will deliver a presentation titled “Capital, Code and the Race to Nigeria’s First Insurance Unicorn.” He will examine how a better-capitalised industry, paired with scalable technology, can place insurance on the platforms Nigerians already use, and what it will take for a homegrown insurer to reach that milestone.

Organisers selected him for his vantage point as both founder and investor, having helped create two of the continent’s first technology unicorns, and through Future Africa he continues to back founders solving hard problems across Africa.

Speaking on the choice of Headline Speaker and topic, Odion Aleobua, Convener of Insurance Meets Tech, said: “Nigeria has already built billion-dollar companies in payments and in talent, while insurance is still waiting for its breakout moment. This is the kind of trailblazing conversation we seek to have at Insurance Meets Tech. Iyin has built two of those companies and now backs the next generation of founders, so he sees this question from both sides of the table. He is the right person to set the tone for this conversation at IMT 5.0.”

The conversation also lands at a pivotal moment, as recently concluded recapitalisation has left insurers with stronger balance sheets and the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) is reshaping sector governance. Shareholders who committed fresh capital expect growth that justifies it, while Nigerians expect insurance to be as simple and accessible as the digital services they use daily.

Commenting on his participation, Mr. Aboyeji said: “Insurers now have the capital, and the technology to reach customers at scale is already here. What remains is building products that live inside platforms people trust. That is how the first insurance unicorn gets built. I look forward to making that case at IMT 5.0 to executives, founders, regulators, investors and policymakers from the insurance and technology sectors.”

This year’s theme reflects the organisers’ conviction that the future belongs to institutions that build ecosystems connecting people with capital, creating trust and unlocking opportunity on a scale.

About Insurance Meets Tech

Insurance Meets Tech (IMT) is West Africa’s leading insurance and tech conference. Across four editions, it has become the region’s foremost platform for executive dialogue where insurance and technology meet.

The post Andela, Flutterwave Co-Founder Iyin Aboyeji to Headline Insurance Meets Tech 5.0 appeared first on Business Today NG.

Continue Reading

Trending