Apple Pay eye biggest expansion in its history that could dramatically increase their net worth
The iOS service has over 800 million customers
Apple just expanded to a brand new country in a deal that could change everything for the tech giant.
Digital payments have undergone a dramatic transformation over the past decade. What once required fumbling for cash or swiping credit cards has evolved into contactless transactions that happen with just a tap or glance at your phone.
Since launching in 2014, Apple Pay has become an integral part of the Apple ecosystem that keeps users loyal to the company's products and services.
Now, Apple Pay is pretty much accepted everywhere, from Uber deliveries to countless retail stores, and it has reportedly grown into the world's second-largest payment processing platform after Visa. Millions of users can make seamless purchases on their iPhones, Apple Watches, or even the Apple Vision Pro without needing physical cards.
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The iOS service processes 9.5 trillion transactions for more than 800 million customers, 9to5Mac reported. Each transaction is secured through Face ID, Touch ID, or a device passcode. It seems the trend is only going up as Apple prepares for its biggest expansion, according to Bloomberg.
The tech giant is currently in talks with ICICI Bank, HDFC Bank, and Axis Bank ahead of plans to roll out its Apple Pay service in India. The report noted that the payment service could roll out in India later this year.
The announcement follows India’s central bank's introduction of biometric authentication, such as fingerprint or facial recognition, for digital payments. Previously, Indian authentication systems primarily relied on one-time passwords delivered via text messaging.
Despite over 750 million smartphone users reportedly on budget mobile data, India is one of the world’s 'fastest-growing digital payments markets,' Bloomberg noted.
With this latest announcement, Apple could boost iPhone demand in the country as the growing middle class looks to access the rapid digital payment system.
Already, India is becoming an important and scalable market for Apple, with iPhone market share approaching 10%.
Apple is also in discussions with other payment systems like Mastercard and Visa, Bloomberg reported.
The move would put Apple in direct competition with established players already operating digital payment platforms in India, including Amazon, Alphabet Inc.’s Google Pay, Walmart's PhonePe, and India's domestic Paytm.
At the same time, Apple hopes India can become a crucial production hub for exporting iPhones to the United States, helping diversify its manufacturing operations away from China. This strategy has helped protect American customers from potential price increases related to President Donald Trump's tariffs on Chinese goods.