Apple (AAPL) has started talks with card payment networks Mastercard (MA) and Visa (V) as it prepares to roll out its Apple Pay digital payments services, according to a media report on Wednesday.
The tech giant, which is targeting an initial introduction within calendar year 2026, is also negotiating fee structures with card issuers for access to its payment gateway, Moneycontrol reported, citing people familiar with the matter.
According to the people, Apple (AAPL) will roll out its payment service in India in phases. The first stage is expected to focus on card-based contactless payments. A subsequent phase could include integration with the Unified Payments Interface, which would require a separate and more complicated set of regulatory approvals, the article said.
Once Apple Pay is launched, users will be able to store their credit and debit cards on Apple Wallet for contactless payments. Currently, Indian-issued cards can’t be stored in the Apple Wallet.
Apple (AAPL) stock rose 0.7%, Mastercard (MA) edged up 0.1%, and Visa (V) ticked down 0.1% in Wednesday morning trading.