Apple is also negotiating with Visa and Mastercard on fees, with UPI support expected to be central to the rollout
Apple is in discussions with three of India’s largest private lenders, ICICI Bank, HDFC Bank and Axis Bank, as it prepares to launch Apple Pay in the country around the middle of 2026, according to Bloomberg, citing people familiar with the matter.
The timeline remains fluid, but talks with global card networks Visa and Mastercard over fee structures and transaction partnerships suggest the process is advancing. Apple Pay is expected to support both UPI, India’s dominant instant payments system, and traditional card transactions, a combination that would be necessary given how deeply UPI is embedded in everyday Indian commerce.
India represents a significant gap in Apple Pay’s footprint. The service is already available in 89 markets but has never launched in one of the world’s largest digital payments economies. Separately, Apple has also been reported to be in talks about launching an Apple Card in India through a co-branded partnership with HDFC Bank, alongside discussions with the National Payments Corporation of India about how a rollout would work alongside UPI.
The competitive landscape is not straightforward. PhonePe and Paytm dominate India’s digital payments market, and established card issuers including American Express, Axis Bank and the State Bank of India already have entrenched positions. India’s credit card market remains relatively small, with around 88 million cards in circulation compared to roughly 974 million debit cards, according to Reserve Bank of India data, though NPCI’s move to link UPI with credit cards could help expand indirect credit card acceptance among merchants.
Apple has not officially confirmed a timeline or any banking partnerships. The mid-2026 target had reportedly been brought forward from an earlier expectation of late 2025.