Apple in Talks with HDFC, ICICI for UPI Payments Service
Apple is in talks with leading Indian banks, including HDFC Bank and ICICI Bank, to launch a UPI-based payments service integrated into Apple Wallet. India’s digital transactions exceeded $2 trillion in 2025, offering access to 650 million smartphone users and potential revenue upside for Apple's services business.
1. Banking Partnerships
Apple has held preliminary discussions with major Indian lenders, notably HDFC Bank and ICICI Bank, to establish partnerships for its payments service. These talks cover revenue-share models, co-branding opportunities and the technical roadmap for on-boarding bank accounts into Apple Wallet.
2. UPI Network Integration
The proposed service will leverage India’s Unified Payments Interface (UPI), enabling peer-to-peer and merchant transactions directly through Apple devices. Integration plans include real-time settlement, secure tokenization of bank credentials and support for QR-code and contactless NFC payments.
3. Market Opportunity
India’s digital payments ecosystem processed over $2 trillion in 2025, driven by 650 million smartphone users and a growing merchant network. Entry into this market could deepen Apple’s service offerings, accelerate wallet adoption among iPhone customers and contribute to a higher services revenue mix over the coming years.