Apple Pay finally launches in India after years on the sidelines
Some of India's largest banks are holding off on supporting Apple Pay initially.
Apple Pay's launch in India marks a significant milestone for the tech giant, as it expands its digital payment offerings to one of the world's most populous and rapidly growing markets. The move is expected to shake up India's digital payments landscape, which has been dominated by homegrown players such as Paytm and Google Pay. With Apple Pay, users in India will be able to make contactless payments using their iPhones, Apple Watches, or iPads.
However, the initial rollout has been tempered by the absence of some of India's largest banks, including HDFC Bank, ICICI Bank, and Axis Bank. This is notable, as these banks have a significant presence in the country and a large customer base. Their holdout may limit the initial adoption of Apple Pay, but it also suggests that they may be taking a wait-and-see approach, potentially evaluating the competitive threat posed by Apple Pay and assessing their own digital payment strategies.
As Apple Pay begins to gain traction in India, it's worth watching how the digital payments landscape evolves in response. Will Apple Pay be able to gain significant market share, or will local players continue to dominate? Additionally, how will the Reserve Bank of India (RBI) and other regulatory bodies respond to the growing presence of global digital payment players in the country? The next few months will likely provide valuable insights into these questions and the future of digital payments in India.
Originally reported by techcrunch.com. FiberWire adds analysis for technology readers.