Apple Pay finally arrives in India on a limited basis
· Technology · Engadget, India Today
Apple Pay has launched in India after a decade of regulatory hurdles, making the contactless payment service available for the first time. The service currently supports only Visa and MasterCard credit cards issued by Axis Bank. It does not work with cards from other major institutions like the State Bank of India and HDFC Bank, nor does it support India's local RuPay network. Apple is reportedly seeking a 0.2 percent fee per transaction, with terms still under negotiation with other domestic banks. Despite these limitations, the feature is supported at millions of merchants at launch, including the Apple Store, Zomato, Blinkit, and Croma.
Why it matters
The limited launch restricts Apple Pay usage primarily to Axis Bank customers, while leaving out major domestic lenders and the ubiquitous RuPay network. Expanded adoption depends on the outcome of ongoing transaction fee negotiations between Apple and Indian banks.
Read the original report — Engadget
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