Apple Pay has officially entered the Indian market, with Axis Bank becoming the first Indian bank to introduce the service for its credit card customers. Eligible Axis Bank cardholders using Mastercard and Visa networks will be able to add their cards to Apple Wallet and make payments through Apple devices.

Key Highlights

• Axis Bank becomes the first Indian bank to introduce Apple Pay for eligible Mastercard and Visa credit cardholders.
• Customers can make contactless payments through Apple devices at stores, within apps and online over the coming weeks.

The service will be rolled out to customers over the next few weeks, according to Axis Bank. When available, users can pay at the merchant outlets, in the app or online with their iPhone, Apple Watch or iPad. Support for Mac will be introduced soon

Customers can add eligible credit cards to Apple Wallet either through the Axis Bank mobile banking app or directly through the Wallet application.

Apple Pay’s First Banking Partner in India

Axis Bank has become the first Indian bank to introduce Apple Pay which is a contactless and tokenised payment method by Apple. For credit card holders, all rewards and benefits of their existing credit card will remain. Also, all transactions made via Apple Pay will continue to earn the rewards and benefits as per the existing credit card.

The collaboration is an important step on Axis Bank's digital payments journey and is a marriage of its credit card portfolio, digital capabilities and Apple Pay's payment experience, the company said.

Amitabh Chaudhry, managing director and CEO, Axis Bank, stated that the launch is in line with the evolving payments landscape driven by technology, security, and customer expectations. He also stated that Apple Pay would give credit card users more options and flexibility, and help the bank's digital payments initiative.

Apple Pay's Focus

Security and privacy are central to Apple Pay’s payment infrastructure. When customers add a credit card to the service, the actual card number is neither stored on the device or Apple’s servers nor shared with merchants.

Instead, Apple assigns a unique Device Account Number to the card. This number is encrypted and securely stored in the device’s Secure Element, a certified chip designed to protect payment information.

Mastercard and Visa will support Apple Pay through their respective tokenisation infrastructure.

Gautam Aggarwal, President, India and South Asia at Mastercard, said the launch would bring secure contactless payments to Axis Bank’s Mastercard credit cardholders. He noted that Mastercard’s tokenisation technology uses a unique, cryptographically secured token for each Apple Pay transaction, preventing merchants from accessing customers’ actual card details.

Suresh Sethi, Group Country Manager, India and South Asia at Visa, said the launch combines Visa’s payments network and tokenisation capabilities with Apple’s user experience and Axis Bank’s credit card reach to provide customers with a simple and secure payment option.

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Apple Pay Expands Its Presence in India

Jennifer Bailey, Apple’s Vice President of Apple Pay and Apple Wallet, said India’s digitally savvy consumers are increasingly embracing cashless payments while expecting high standards of security and privacy.

She said Apple Pay is designed to make everyday card payments easy, secure and private.

The India launch adds another market to Apple Pay’s global presence and gives eligible Axis Bank credit card holders access to contactless payments across physical stores, apps and online platforms.