Apple In Talks With Banks To Start Payment Service In India

Apple Inc. is reportedly in discussions with several Indian banks to introduce its payment service, Apple Pay, in India. This initiative aligns with the company's strategy to expand its services in one of the world's fastest-growing digital payment markets. The National Payments Corporation of India (NPCI), which oversees the Unified Payments Interface (UPI), did not provide comments regarding these developments. The potential launch of Apple Pay in India could significantly impact the digital payments landscape, which has seen a surge in popularity due to the increasing use of smartphones and internet connectivity among the Indian populace. As Apple seeks to tap into this burgeoning market, it faces competition from established players like Google Pay and PhonePe, which dominate the UPI ecosystem. The news, initially reported by The Times of India, has generated keen interest among stakeholders in the financial services sector, anticipating how Apple's entry could reshape consumer payment behaviors and introduce innovative features to the Indian market.