Axis Bank brings Apple Pay to Visa, Mastercard credit card customers

Axis Bank has launched Apple Pay for its Visa and Mastercard credit card customers in India, enabling payments at merchants, within apps and online using Apple devices

Axis Bank, India’s third-largest private sector bank, on Wednesday launched Apple Pay for its credit card customers in India across the Visa and Mastercard networks, becoming the first Indian bank to offer the service, the bank said.

 

Over the next few weeks, customers will be able to make payments at merchants, within apps and online using their iPhone, Apple Watch and iPad. Support for Mac will be available soon, the bank said.

 

Axis Bank’s Mastercard and Visa credit card customers can add their cards to Apple Wallet either through the bank’s mobile banking application or directly through Apple Wallet. Once the card is added, customers can use Apple Pay while continuing to receive the rewards and benefits offered on their Axis Bank cards.

  

The bank said the launch advances its effort to build a payments ecosystem as customer preferences shift towards mobile-first, contactless and tokenised payments.

 

Security and privacy are key features of Apple Pay. The actual card number is not stored on the device or Apple servers and is not shared with the merchant. Instead, Apple Pay assigns a unique Device Account Number, which is encrypted and stored in the Secure Element.

 

“We are at a significant inflection point in payments, where technology, intelligent security and changing customer expectations are reshaping how people transact,” Amitabh Chaudhry, MD & CEO, Axis Bank, said. He said the launch would provide greater choice and flexibility to the bank’s credit card customers, with support across the Mastercard and Visa networks.

 

“India is home to a dynamic and digitally savvy population that continues to embrace a cashless future while expecting the highest standards of security and privacy, and we’re so excited to bring Apple Pay to users in India today,” Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, said. She said Apple Pay enables card payments at stores without an additional app, PIN or OTP, and online payments without repeatedly entering payment information.

 

“India has built one of the world’s most dynamic digital payments ecosystems, and consumers increasingly expect payment experiences that are secure, seamless and embedded into their everyday lives,” Gautam Aggarwal, president, India & South Asia, Mastercard, said.

 

Aggarwal said the introduction of Apple Pay for Axis Bank-issued Mastercard credit cardholders would provide consumers with contactless payment options. He said Mastercard’s tokenisation technology protects each Apple Pay transaction through a unique, cryptographically secured token, ensuring card details are not shared with merchants.

 

“Apple Pay’s launch with Visa and Axis Bank marks a defining moment in India for digital payments,” Suresh Sethi, group country manager, India and South Asia, Visa, said.

 

Sethi said the offering brings together Visa’s network and tokenisation technology, Apple’s payment experience and Axis Bank’s scale, providing consumers with a simple, secure and seamless way to pay.