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FMCG/ Durables

Apple Pay Enters India, But Big Banks Hold Back on Partnership

about 2 hours ago · Lumic

Apple Pay logo with Indian flag and bank logos, signifying its entry into the Indian digital payments market.
Lumic
about 2 hours ago
Apple Pay Enters India, But Big Banks Hold Back on Partnership
DURABLES
Big banks see limited value in paying Apple for transactions customers already make
Credit card margins are under pressure, hence making every payment fee more important
Axis Bank could use Apple Pay to deepen its reach among premium card users in India
LUMIC INSIGHT
Apple Pay could intensify competition in India's premium wallet user
money control·about 2 hours ago

This impact news delves into Apple Pay's much-anticipated launch in India, highlighting a significant hurdle: major Indian banks holding back on partnerships. While Apple Pay promises to boost competition in the premium digital payments space, particularly for users of the Apple Wallet, key players like HDFC Bank, SBI Card, ICICI Bank, and Axis Bank are reportedly hesitant. The core issue seems to be the perceived limited value in paying Apple for transactions that customers can already conduct seamlessly. With credit card margins facing pressure, banks are scrutinizing every fee. However, some, like Axis Bank, might see strategic value in integrating with Apple Pay to enhance their reach among premium cardholders in India's dynamic fintech and digital payments landscape. This move could shape the future of NFC payments in the country.

More in FMCG/ Durables

Infographic showing declining FMCG sales in rural India contrasted with rising e-commerce growth.
Lumic
1 day ago

FMCG/ Durables

FMCG Demand Slows as Rural Volumes Fall, E-Commerce Gains Ground

  • Rural weakness is spreading beyond a few categories, adding to wider consumption pressure
  • Traditional retail is losing momentum as organised channels reshape FMCG distribution
  • E-commerce is emerging as a key growth engine driver, especially beyond major metros
LUMIC INSIGHT
FMCG growth may depend more on premiumisation and new channels
NDTV Profit ·1 day ago
Indian consumer durables market set for strong growth towards 2030.
1/2
Lumic
3 days ago

FMCG/ Durables

India’s Consumer Durables Market Set to Reach ₹3–3.25 Lakh Crore by 2030

Lumic research·3 days ago