Apple Pay targets India launch by October

Apple is preparing to launch its digital payment service, Apple Pay, in India, with a potential rollout expected by late September or October. The initial phase will focus on credit card payments via Visa and Mastercard networks. Users will be able to store card details in the Apple Wallet and perform contactless transactions at retail stores using Near Field Communication (NFC) technology by tapping their iPhone or iPad on a point-of-sale terminal.

At launch, Apple Pay in India will not support the Unified Payments Interface (UPI). To integrate UPI, Apple must secure approval from the National Payments Corporation of India (NPCI) and establish partnerships with sponsor banks.

Apple is reportedly in negotiations with banks regarding transaction fees. The company is seeking a share of 15 to 20 basis points from the interchange fee on each transaction, while some major credit card issuers are reportedly advocating for a 10 basis point share.