HSBC India could become Apple Pay’s second banking partner in the country, as lenders assess the customer opportunity and commercial terms of joining the contactless payments platform.
HSBC India could join Apple Pay by the end of FY2026–27, according to people familiar with discussions cited by Business Standard. Apple Pay launched in India in September with Axis Bank as its first banking partner.
Several other large Indian lenders are also reportedly in commercial discussions with Apple and are evaluating the economics of a partnership. A key consideration is the fee Apple charges on card transactions, which affects the interchange income earned by card-issuing banks.
Apple Pay enables customers to store supported payment cards in Apple Wallet and make contactless payments at compatible point-of-sale terminals using near-field communication technology. The service operates in more than 90 markets and has partnerships with thousands of banks globally.
For Indian banks, joining the platform could offer customers a premium mobile payment experience and support contactless card usage. However, lenders must balance customer demand and brand value against the commercial cost of participating in the wallet ecosystem.
Why it matters for BFSI: The development signals potential competition around premium card experiences, mobile wallets and contactless acceptance. It is also a useful story on the economics of digital wallet partnerships for Indian card issuers.
Source: Business Standard, 8 November 2026
