Apple Pay in India: Why Axis Bank made the cut before HDFC, ICICI and SBI Card

Apple Pay has finally arrived in India, but its decision to launch first with Axis Bank rather than larger card issuers such as HDFC Bank, ICICI Bank, or SBI Card appears to reflect a mix of commercial negotiations and technical readiness.

The service went live on September 30 with eligible Axis Bank Visa and Mastercard credit cards. RuPay cards are not supported at launch. Apple Pay allows you to make contactless payments at compatible terminals, as well as pay in apps and on websites using supported Apple devices.

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Why Axis Bank came first

Axis Bank is not India's largest credit-card issuer. Reuters reported that the bank had about 16.3 million credit cards in circulation in August 2026, behind HDFC Bank, SBI Cards and ICICI Bank. Reuters also reported that Apple had been discussing partnerships with HDFC and ICICI, but had not yet finalised any agreements.

Commercial terms appear to have been a hurdle. TechCrunch reported that Apple was seeking about 20 basis points per transaction, while negotiations with HDFC Bank, ICICI Bank and SBI Card were continuing. Moneycontrol later reported that larger issuers were willing to offer around 15 basis points. 

However, money was not the only factor. Apple Pay is built around NFC-based contactless payments, meaning banks, card networks and payment infrastructure need to be ready for integration. In an interview with Moneycontrol, Apple's Jennifer Bailey said the timing for each issuer depends on factors including technical readiness, card portfolio and the work required to bring Apple Pay to customers.

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Apple already had the payment infrastructure ready

Apple Pay is available in India on iPhone XR and later models running iOS 18 or later, as well as Apple Watch Series 6 and later running watchOS 11 or later. The Apple Watch must be paired with an iPhone XR or later. Apple Pay is also available on compatible iPad models, while support for Mac is coming soon.

Apple also worked with Indian payment service providers and point-of-sale companies including Cashfree, JusPay, Mswipe, Paytm, PayU, Pine Labs, Razorpay and Worldline. These partnerships give Apple access to established merchant infrastructure rather than requiring individual businesses to build separate integrations. Apple’s share of India’s smartphone market has doubled to 8% since 2022, according to Counterpoint Research, establishing it as one of its largest markets.

Apple's own announcement confirms that Apple Pay works anywhere that accepts NFC transactions and that the company has worked with these payment providers to bring the service to merchant networks across India.

This makes the Axis partnership look less like an exclusive choice and more like the first completed piece of a wider rollout. Bailey told Moneycontrol that Apple plans to expand Apple Pay to more banks as their technical readiness and card portfolios allow.

India's UPI-heavy payments market adds another layer. Reuters says UPI accounts for about 84% of digital-payment volume, while Apple Pay is initially a card-based service.