Apple in Talks to Bring Digital Wallet to India

Core Viewpoint - Apple is in discussions with Indian banks and card networks to launch Apple Pay in India, aiming to expand its business in the country as the middle class grows [2][7]. Group 1: Apple Pay Launch in India - Apple is negotiating with Indian lenders such as ICICI Bank, HDFC Bank, and Axis Bank to introduce its digital wallet in India by mid-year [2]. - The company is also in talks with Visa and Mastercard regarding the launch [2]. - Apple Pay is expected to support India's Unified Payments Interface (UPI) and card-based payments, positioning itself against competitors like Google Pay, PhonePe, Amazon, and Paytm [7]. Group 2: Apple Pay Usage and Competition - In the U.S., Apple Pay's total sales volume increased from $268 billion to $450 billion, but it still only accounts for 10% of eligible in-store purchases and under 5% of overall transactions [9]. - The usage of mobile wallets in physical stores has surged, with 31% of consumers using them weekly, up from 14% in 2024, with Apple Pay leading this growth [9]. - Competitors like Google Pay have seen their usage more than double, while PayPal and Cash App have also nearly doubled their in-store usage during the same period [10].