HSBC is in talks to join Apple Pay in India as the second bank to support the service, according to reports, as Apple's payments platform expands in the country. The move would follow the launch of Apple Pay in India with HDFC Bank as the first partner, and other lenders are also said to be exploring tie ups.
HSBC's app listing sparks speculation
Speculation about HSBC joining Apple Pay grew after the bank's app listing appeared to reference Apple Pay support. The listing suggested that HSBC cards could soon be added to Apple Pay wallets in India, letting customers tap to pay with their iPhones and Apple Watches. HSBC has not formally announced the partnership, and the talks are reported to be at an advanced stage.
How Apple Pay launched in India
Apple Pay arrived in India with HDFC Bank as its launch partner, allowing HDFC cardholders to add their cards to Apple Wallet and pay at contactless terminals and inside apps. The service works alongside UPI, which dominates everyday payments in India, and is aimed at card users who prefer tap to pay. Apple's entry into Indian payments has been slow and deliberate, with the company building out bank partnerships one by one.
Other banks explore tie ups
Other Indian lenders are also exploring partnerships with Apple Pay, according to reports, as banks look to offer their customers the convenience of the service. For banks, supporting Apple Pay is a way to keep their cards top of wallet among iPhone users, a segment that tends to spend more. For Apple, each new bank widens the service's reach in a market where it has been steadily growing its device sales.
What it means for iPhone users
If HSBC joins, its customers in India will be able to add their debit and credit cards to Apple Wallet and pay by tapping their phone or watch, without carrying the physical card. The expansion is a small but significant step for Apple Pay in India, where UPI remains the default for most payments but card based tap to pay is growing fast in cities and at premium merchants.
