Apple Pay Nears India Launch: Regulatory Talks Underway for Digital Payments Service

• Apple is in discussions with Mastercard and Visa, and seeking regulatory approvals for Apple Pay's launch in India.
• The company aims for an initial rollout around June-July, focusing on card-based contactless payments.
• Future phases might include UPI integration, which requires separate regulatory frameworks.
• Apple Pay will allow users to store credit/debit cards in Apple Wallet for NFC contactless payments.
• The launch aligns with Apple's growing smartphone market share in India and the country's booming digital payments ecosystem.

Why It Matters: Apple Pay is set to launch in India, starting with contactless card payments, leveraging the country's digital growth.