Axis Bank is the first lender in India to partner with Apple on Apple Pay, according to the report.
Apple plans to add more lenders over time, as it has done in other markets, the report said.
India is one of the few major economies in which Apple Pay is currently not available, per the report.
Axis declined to comment on the report, according to Reuters. Apple did not comment in the Reuters report and did not immediately reply to PYMNTS’ request for comment.
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It was reported in January that Apple was working on bringing Apple Pay to India sometime this year. The company was holding talks with card networks and working on landing regulatory approval.
At that time, Apple Pay was operating in 89 markets.
In February, it was reported that Apple was talking with card networks and banks, including Axis Bank, to launch Apple Pay in India.
The February report characterized the discussions as another step in Apple’s effort to boost its business in India as the country’s middle class expands.
In June, it was reported that Apple agreed to provide financial information related to its operations in India to the country’s competition regulator as part of a long-running antitrust investigation into the company’s business practices. The investigation stems from complaints filed in 2021 by a coalition of Indian startups who have challenged Apple’s App Store policy, particularly its in-app payment system and restrictions placed on developers.
The PYMNTS Intelligence report “2023 Global Digital Shopping Index: India Edition” found that India has embraced digital payments and a digital-first shopping experience.
At that time, 55% of consumers in India said they made their most recent retail purchase with a digital wallet. Thirty-nine percent of consumers said they used a digital wallet for an in-store purchase, while 65% said they used a digital wallet for an online purchase.
“India is home to a thriving digital economy, and its merchants have quickly adopted a wide array of digital features to meet its digitally savvy shoppers’ expectations,” the report said.
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