Apple Negotiates with Two Leading Banks for India Payment Service
Apple has opened talks with two leading Indian lenders to develop a localized payment service for iPhone and Apple Watch in India. The initiative aims to tailor Apple Pay functionality to India’s market and bolster the company’s services revenue in the world’s fastest-growing digital payments sector.
1. Talks with Indian Banks for Payment Service
Apple has entered early-stage discussions with two leading Indian lenders to design a domestic payment service. The talks focus on integrating the solution with Apple Wallet on iPhone and Apple Watch and leveraging India’s Unified Payments Interface rail to handle peer-to-peer transfers and merchant transactions.
2. Strategic Push into India’s Digital Payments Market
The move reflects Apple’s broader strategy to grow its services segment beyond hardware sales in India, where digital payments volume surged in recent years. Apple will compete with established local players like Google Pay and Paytm and must comply with India’s regulatory framework for payment providers to secure approval.