Apple Pay in India: HSBC reportedly in talks to become the second bank partner
Banks are negotiating over how much interchange income Apple gets on each credit card transaction.
- Axis Bank is the first partner
- HSBC targets end of FY27 (reported)
- Apple's usual cut: ~15 bps globally
Where things stand
Apple Pay launched in India in September with Axis Bank as its first banking partner. According to a Business Standard report cited by Business Today, HSBC India is in talks to join by the end of FY27. HSBC had 1.02 million credit cards in circulation as of September 2026, per RBI data.
Other banks
Kotak Mahindra Bank's CEO Ashok Vaswani said the bank will eventually join, 'depending on customer demand', possibly within a couple of quarters. Several other large lenders are discussing tie-ups. The sticking point is Apple's share of interchange income. Apple typically takes around 15 basis points per credit card transaction in most global markets, though it varies. Apple Pay works in more than 90 markets with over 11,000 bank and network partners.
