Apple Pay Set to Compete with Google Pay and PhonePe in India

US-based iPhone maker Apple is preparing to launch its payment services in India. The company is reportedly in discussions with ICICI Bank, HDFC Bank and Axis Bank, as well as with Visa and MasterCard, to facilitate this move. If all goes as planned, Apple Pay could be launched by mid-year, positioning itself as a competitor to Google Pay, PhonePe, Amazon Pay and Paytm. However, the concerned companies have not yet issued any official statements. It is expected that Apple Pay will support both UPI and card-based payment systems.

India’s vast base of over 750 million smartphone users, along with affordable data access, has made the market highly attractive for Apple. Despite the dominance of Android devices, Apple has been steadily expanding its manufacturing footprint and retail network in the country. The company recently opened its sixth retail store in Mumbai. The launch of Apple Pay could further boost sales of Apple Watches, iPhones, iPads, and Macs. Currently holding around a 10 percent share of India’s smartphone market, Apple is seen as having significant growth potential in the coming years.