Apple Pay launches in India with Axis Bank; Mastercard, Visa credit cardholders eligible

After years of expanding across global markets, Apple Pay has finally made its India debut, with Axis Bank becoming the first Indian lender to offer the service to its credit card customers.

Axis Bank credit cardholders on Mastercard and Visa networks will be able to add their cards to Apple Wallet and make payments using Apple devices. The service will be rolled out to customers over the next few weeks, Axis Bank said in a release.

“Axis Bank, one of the largest private sector banks in India, today brings Apple Pay to its Credit cardholders across the Mastercard and Visa networks, becoming the first Indian bank to offer Apple Pay to its customers,” the release noted.

Over the next few weeks, customers will be able to use Apple Pay at merchant stores, within apps and online using iPhone, Apple Watch and iPad. Support for Mac will be introduced soon. Eligible customers can add their cards either through the Axis Bank mobile banking app or directly through Apple Wallet.

“The launch marks a significant step in the Bank’s digital payments journey, leveraging the strength of its Credit Cards franchise and digital capabilities with Apple Pay’s easy, secure and private payment experience,” Axis Bank said.

Axis Bank becomes first Indian banking partner

The launch makes Axis Bank the first Indian bank to offer Apple Pay, giving its credit card customers access to Apple’s contactless and tokenised payment technology. Customers will continue to receive the rewards and benefits associated with their Axis Bank credit cards when using Apple Pay.

Amitabh Chaudhry, MD & CEO, Axis Bank, said the launch comes at a time when technology, security and changing customer expectations are reshaping how people transact.

“We are at a significant inflection point in payments, where technology, intelligent security and changing customer expectations are reshaping how people transact,” Chaudhry said. He added that Apple Pay would give credit card customers greater choice and flexibility while advancing the bank’s digital payments strategy.

Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, said India’s digitally savvy consumers are embracing a cashless future while expecting high standards of security and privacy.

“Apple Pay makes everyday payments with a card easy, secure, and private,” Bailey said.

Focus on security and tokenisation

Security and privacy are central to Apple Pay. When a credit card is added to Apple Pay, the actual card number is not stored on the device or Apple’s servers, nor is it shared with merchants.

Instead, Apple assigns a unique Device Account Number to the card. The 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 the service through their respective tokenisation infrastructure. Gautam Aggarwal, President, India & South Asia, Mastercard, said Apple Pay would bring secure contactless commerce to Axis Bank’s Mastercard credit cardholders.

“Through Mastercard’s tokenization technology, every Apple Pay transaction is protected by a unique, cryptographically secured token, ensuring card details are never shared with merchants, safeguarding consumers against fraud,” Aggarwal said.

Suresh Sethi, Group Country Manager, India and South Asia, Visa, said the launch brings together Visa’s payments network and tokenisation capabilities, Apple’s user experience and Axis Bank’s credit card scale, delivering a simple, secure and seamless way to pay.