Bloomberg Reports: Apple Negotiating with Banks to Launch Payment Service in India

• Apple is targeting a mid-2026 launch timeline for Apple Pay in India, according to sources familiar with the discussions
• Negotiations involve three of India's largest private sector banks: ICICI Bank, HDFC Bank, and Axis Bank, alongside global card networks
• The move represents Apple's push into India's massive digital payments market, where mobile payment adoption has grown rapidly in recent years

Summary: Apple in Talks to Launch Apple Pay in India by Mid-2026

Key Development:

Apple is negotiating with major Indian banks and global card networks to launch its Apple Pay service in India, with a target rollout around mid-2026, according to Bloomberg News sources.

Companies Involved:

The iPhone maker is currently in discussions with three prominent Indian banks:

• ICICI Bank
• HDFC Bank
• Axis Bank

Market Context:

This move represents Apple's continued expansion into India's rapidly growing digital payments market. The initiative comes as Apple strengthens its retail presence in the country, evidenced by recent iPhone 17 series launches at Apple retail stores in major cities like New Delhi.

Timeline:

• Negotiations currently underway (as of February 26, 2026)
• Expected launch: mid-2026

Market Implications:

Apple Pay's entry into India would position the company to compete in one of the world's largest and fastest-growing digital payments markets. India has seen explosive growth in digital transactions, driven by government-backed initiatives and widespread smartphone adoption. The partnerships with major Indian banks would be crucial for Apple Pay's integration into the local financial ecosystem, providing access to millions of potential customers.

The service would compete with established players including Google Pay, PhonePe, and Paytm, which currently dominate India's unified payments interface (UPI) ecosystem. Success would require Apple to navigate India's unique regulatory environment and consumer preferences for transaction-based payment systems.

Note: Reuters could not independently verify the Bloomberg report at the time of publication.