Noida, Nov 9:
Apple Pay is preparing to widen its footprint in India, with global banking major HSBC India in discussions to integrate its credit cards onto the digital payment platform by the close of the current fiscal year.
The move comes after Apple Pay rolled out its initial domestic operations in September through an exclusive partnership with Axis Bank. Recent App Store updates for HSBC’s mobile banking application indicated preliminary Apple Wallet support. According to Reserve Bank of India data, HSBC has 1.02 million credit cards in circulation.
Other domestic lenders, including Kotak Mahindra Bank, are assessing technical integrations to roll out the service over the coming quarters. Global transaction fee structures remain the primary subject of negotiations, with banks evaluating Apple’s standard interchange cut, which typically stands at around 15 basis points per transaction internationally.