Apple Pay eyes India: Contactless payments loom

Apple is considering an expansion of its payment platform, Apple Pay, into the significant Indian market. This move comes as the number of iPhone users in India has reportedly increased, making it a opportune time for the tech giant. Apple Pay, operated by Apple Payments Services, is already a dominant force in the United States and used by millions globally.

Initially, Apple Pay in India is expected to function as a digital wallet for storing user cards, enabling contactless payments via NFC technology. This capability is comparable to existing services like Samsung Wallet. However, Apple is not currently planning to integrate with India's widely adopted Unified Payments Interface (UPI), a decision likely influenced by the extensive regulatory approvals required for such a feature.

The introduction of Apple Pay could introduce new competition for established payment applications such as Google Pay and PhonePe. While the contactless card storage feature is not entirely new to Indian consumers, the adoption rate of Apple Pay will be closely watched.