%PDF-1.4 %âãÏÓ 1 0 obj << /Type /Catalog /Pages 2 0 R >> endobj 2 0 obj << /Type /Pages /Count 7 /Kids [5 0 R 7 0 R 9 0 R 11 0 R 13 0 R 15 0 R 17 0 R] >> endobj 3 0 obj << /Type /Font /Subtype /Type1 /BaseFont /Helvetica >> endobj 4 0 obj << /Type /Font /Subtype /Type1 /BaseFont /Helvetica-Bold >> endobj 5 0 obj << /Type /Page /Parent 2 0 R /MediaBox [0 0 595.28 841.89] /Resources << /Font << /F1 3 0 R /F2 4 0 R >> >> /Contents 6 0 R >> endobj 6 0 obj << /Length 5822 >> stream BT /F2 22 Tf 0.06 0.08 0.12 rg 1 0 0 1 46 789.89 Tm (Apple Pay in India Without UPI: Why Apple's) Tj ET BT /F2 22 Tf 0.06 0.08 0.12 rg 1 0 0 1 46 762.89 Tm (Card-First Bet Could Still Win the Premium Wallet) Tj ET BT /F2 22 Tf 0.06 0.08 0.12 rg 1 0 0 1 46 735.89 Tm (War) Tj ET BT /F2 11 Tf 0.72 0.14 0.18 rg 1 0 0 1 46 698.89 Tm (TechRounder PDF Edition) Tj ET BT /F1 9.5 Tf 0.36 0.39 0.46 rg 1 0 0 1 46 682.89 Tm (Live article:) Tj ET BT /F1 9.5 Tf 0.36 0.39 0.46 rg 1 0 0 1 46 670.39 Tm (https://www.techrounder.com/finance/apple-pay-in-india-without-upi-why-apples-card-first-bet-could-still-win-the-p) Tj ET BT /F1 9.5 Tf 0.36 0.39 0.46 rg 1 0 0 1 46 657.89 Tm (remium-wallet-war/) Tj ET q 0.82 0.85 0.9 RG 1 w 46 639.39 m 549.28 639.39 l S Q BT /F1 10 Tf 0.24 0.27 0.32 rg 1 0 0 1 46 627.39 Tm (By Vipin PG | Published August 11, 2026 | Updated August 11, 2026 | Format: Deep Dive | 11 min read) Tj ET BT /F2 13 Tf 0.72 0.14 0.18 rg 1 0 0 1 46 604.39 Tm (In brief) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 584.39 Tm (Apple Pay is reportedly launching in India by October 2026, but only as a premium, card-only wallet -) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 569.39 Tm (not a UPI replacement. It will support NFC tap-to-pay through Apple Wallet using Visa and Mastercard) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 554.39 Tm (credit cards, skipping UPI at launch because Apple hasn't secured NPCI approval and a sponsor bank,) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 539.39 Tm (and because UPI's zero-MDR rules mean there's no transaction fee for Apple to earn even if it had.) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 524.39 Tm (The bigger opportunity is the interchange revenue from card payments, not competing with PhonePe or) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 509.39 Tm (Google Pay on volume. Apple hasn't officially confirmed the launch, so the October date should be) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 494.39 Tm (treated as a strong reported target rather than a locked date.) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 469.39 Tm (Every headline this week says the same thing: Apple Pay is coming to India by October 2026, and it) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 454.39 Tm (won't support UPI. That's the news. It's not the interesting part.) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 432.39 Tm (The interesting part is why a company as deliberate as Apple would enter the world's largest) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 417.39 Tm (real-time payments market while deliberately sitting out the rail that handles the vast majority of it -) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 402.39 Tm (and whether that's a mistake or the only move that actually makes commercial sense. This analysis) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 387.39 Tm (skips the recap and goes straight into the mechanics: the economics forcing Apple's hand, the) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 372.39 Tm (regulatory prerequisite nobody's connecting to this launch, the realistic size of the market Apple is) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 357.39 Tm (actually chasing, and the phased roadmap that would need to happen for this to work.) Tj ET BT /F2 15 Tf 0.08 0.1 0.14 rg 1 0 0 1 46 329.39 Tm (Key Takeaways) Tj ET BT /F1 10.5 Tf 0.28 0.31 0.36 rg 1 0 0 1 56 303.39 Tm (Quote: Apple isn't skipping UPI by choice - it's skipping a zero-revenue network. UPI has operated under) Tj ET BT /F1 10.5 Tf 0.28 0.31 0.36 rg 1 0 0 1 56 289.39 Tm (a government-mandated zero Merchant Discount Rate since 2020, meaning there's no fee pool for Apple) Tj ET BT /F1 10.5 Tf 0.28 0.31 0.36 rg 1 0 0 1 56 275.39 Tm (to take a cut of even if it had NPCI approval today. The real prerequisite for this launch happened quietly) Tj ET BT /F1 10.5 Tf 0.28 0.31 0.36 rg 1 0 0 1 56 261.39 Tm (in July 2026, when Apple resumed card payments for its own App Store and iCloud after a five-year) Tj ET BT /F1 10.5 Tf 0.28 0.31 0.36 rg 1 0 0 1 56 247.39 Tm (suspension caused by India's card tokenisation rules - the same compliance Apple Pay itself needs.) Tj ET BT /F1 10.5 Tf 0.28 0.31 0.36 rg 1 0 0 1 56 233.39 Tm (Apple's addressable market at launch is a narrow, affluent slice - roughly 120 million active credit) Tj ET BT /F1 10.5 Tf 0.28 0.31 0.36 rg 1 0 0 1 56 219.39 Tm (cards against a UPI base processing over 240 billion transactions a year - so this isn't a UPI competitor,) Tj ET BT /F1 10.5 Tf 0.28 0.31 0.36 rg 1 0 0 1 56 205.39 Tm (it's a parallel premium product. A live regulatory shift could change Apple's UPI calculus fast.) Tj ET BT /F1 10.5 Tf 0.28 0.31 0.36 rg 1 0 0 1 56 191.39 Tm (Parliament amended the law banning UPI merchant fees on August 4, 2026, opening the door to fees on) Tj ET BT /F1 10.5 Tf 0.28 0.31 0.36 rg 1 0 0 1 56 177.39 Tm (large-merchant transactions - which would make UPI integration commercially interesting to Apple for) Tj ET BT /F1 10.5 Tf 0.28 0.31 0.36 rg 1 0 0 1 56 163.39 Tm (the first time. Success for Apple won't look like beating PhonePe or Google Pay. It'll look like owning) Tj ET BT /F1 10.5 Tf 0.28 0.31 0.36 rg 1 0 0 1 56 149.39 Tm (checkout among iPhone-owning, credit-card-holding, premium-retail shoppers - a smaller, more) Tj ET BT /F1 10.5 Tf 0.28 0.31 0.36 rg 1 0 0 1 56 135.39 Tm (profitable game than mass-market share.) Tj ET BT /F2 15 Tf 0.08 0.1 0.14 rg 1 0 0 1 46 109.39 Tm (What We Actually Know, In One Paragraph) Tj ET q 0.86 0.88 0.92 RG 1 w 46 42 m 549.28 42 l S Q BT /F1 8.4 Tf 0.42 0.45 0.5 rg 1 0 0 1 46 30 Tm (TechRounder | Page 1 of 7) Tj ET BT /F1 7.2 Tf 0.42 0.45 0.5 rg 1 0 0 1 46 19 Tm (https://www.techrounder.com/pdf/blog/apple-pay-in-india-without-upi-why-apples-card-first-bet-could-still-win-the-premium-wallet-war.pdf) Tj ET endstream endobj 7 0 obj << /Type /Page /Parent 2 0 R /MediaBox [0 0 595.28 841.89] /Resources << /Font << /F1 3 0 R /F2 4 0 R >> >> /Contents 8 0 R >> endobj 8 0 obj << /Length 6124 >> stream BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 789.89 Tm (According to Business Standard's reporting, which cited three unnamed sources, Apple is targeting a) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 774.89 Tm (late-September or October 2026 launch that will initially support only Visa and Mastercard credit) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 759.89 Tm (cards, tapped through Apple Wallet at NFC-enabled point-of-sale terminals via iPhone or Apple Watch.) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 744.89 Tm (UPI won't be part of that launch because Apple would first need clearance from the National Payments) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 729.89 Tm (Corporation of India \(NPCI\) and a sponsor-bank arrangement to route those transactions - a separate) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 714.89 Tm (regulatory track it hasn't completed. Much of the pre-launch friction is reportedly commercial: Apple) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 699.89 Tm (wants a 15-20 basis point cut of interchange revenue on every card transaction, while major issuing) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 684.89 Tm (banks are pushing to cap that closer to 10 basis points. None of this has been confirmed by Apple) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 669.89 Tm (itself, so treat the October date as a strong target, not a locked announcement.) Tj ET BT /F2 15 Tf 0.08 0.1 0.14 rg 1 0 0 1 46 641.89 Tm (Why Apple Is Skipping UPI - And Why That's Not a Mistake) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 617.89 Tm (The most common reaction to this news is confusion: why would Apple avoid the payment rail that) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 602.89 Tm (handles the overwhelming majority of Indian digital transactions? The answer is almost entirely) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 587.89 Tm (economic, and it comes down to one policy: since January 2020, India has mandated zero Merchant) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 572.89 Tm (Discount Rate \(MDR\) on UPI and RuPay debit transactions. MDR is the fee merchants pay for processing) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 557.89 Tm (a digital payment - and on UPI, it's been legally set to zero for five years.) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 535.89 Tm (That means there's currently no fee pool on UPI for Apple, or anyone else, to take a percentage of.) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 520.89 Tm (The entire UPI ecosystem - NPCI, the banks, PhonePe, Google Pay - has operated at a structural loss on) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 505.89 Tm (the payment-processing side of the business, kept alive mostly by government subsidy. According to) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 490.89 Tm (the Standing Committee on Finance's own review, that subsidy covered only about 11% of the) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 475.89 Tm (industry's actual infrastructure cost between 2021-22 and 2024-25. Apple's global business model) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 460.89 Tm (is built entirely around monetising the transaction layer through interchange fees - folding itself into a) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 445.89 Tm (network that pays nothing to route a payment doesn't fit that model at all.) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 423.89 Tm (Credit cards are the opposite case. Interchange fees still apply, which is exactly the pool Apple is) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 408.89 Tm (negotiating over with HDFC, ICICI, and Axis Bank right now. So the card-only launch isn't Apple being) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 393.89 Tm (cautious about UPI's complexity - it's Apple going straight for the only part of the Indian payments) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 378.89 Tm (stack that has a monetisable structure it already understands from every other market it operates in.) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 356.89 Tm (There's a fresh wrinkle worth watching closely. On August 4, 2026, Parliament passed an amendment) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 341.89 Tm (to the Payment and Settlement Systems Act that, for the first time since 2020, legally allows the) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 326.89 Tm (government to reintroduce MDR on select UPI transactions. The Finance Ministry has been quick to) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 311.89 Tm (clarify that consumers and small merchants will stay unaffected, and any fee would apply only to) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 296.89 Tm (large merchants above a turnover threshold, at a rate lower than card MDR. But if that materialises,) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 281.89 Tm (UPI stops being a zero-revenue network for at least part of its volume - which would make NPCI) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 266.89 Tm (approval meaningfully more attractive to Apple than it is today. This bill is barely a week old at the time) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 251.89 Tm (of writing, and it's the single biggest variable that could accelerate Apple's UPI timeline.) Tj ET BT /F2 15 Tf 0.08 0.1 0.14 rg 1 0 0 1 46 223.89 Tm (The Prerequisite Nobody's Connecting to This Launch) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 199.89 Tm (Here's a fact that puts the October timeline in a completely different light: Apple didn't just choose to) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 184.89 Tm (launch card-only - for years, it may not have been technically capable of launching a tokenised card) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 169.89 Tm (product in India at all.) Tj ET q 0.86 0.88 0.92 RG 1 w 46 42 m 549.28 42 l S Q BT /F1 8.4 Tf 0.42 0.45 0.5 rg 1 0 0 1 46 30 Tm (TechRounder | Page 2 of 7) Tj ET BT /F1 7.2 Tf 0.42 0.45 0.5 rg 1 0 0 1 46 19 Tm (https://www.techrounder.com/pdf/blog/apple-pay-in-india-without-upi-why-apples-card-first-bet-could-still-win-the-premium-wallet-war.pdf) Tj ET endstream endobj 9 0 obj << /Type /Page /Parent 2 0 R /MediaBox [0 0 595.28 841.89] /Resources << /Font << /F1 3 0 R /F2 4 0 R >> >> /Contents 10 0 R >> endobj 10 0 obj << /Length 6329 >> stream BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 789.89 Tm (Back in 2021, following the RBI's card tokenisation and data-localisation directive, Apple pulled the) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 774.89 Tm (ability to pay by credit or debit card for App Store and iCloud purchases in India entirely, forcing) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 759.89 Tm (users onto UPI, net banking, or Apple ID balance top-ups for roughly five years. Apple only resumed) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 744.89 Tm (card payments for its own services in July 2026, after finally building the local compliance needed to) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 729.89 Tm (satisfy the RBI's rule that tokenised card data must be stored only by authorised card networks, inside) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 714.89 Tm (Indian borders. Notably, Apple appears to have done this without building a dedicated India data centre,) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 699.89 Tm (which several industry watchers flagged as unusual compared to how other global platforms have) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 684.89 Tm (handled the same mandate.) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 662.89 Tm (This isn't a side detail - it's the actual unlock. Apple Pay depends on precisely the same tokenisation) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 647.89 Tm (infrastructure Apple just got working for its own storefront. The interchange-fee negotiation with) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 632.89 Tm (banks has gotten most of the press, but the quieter compliance win in July 2026 is arguably the real) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 617.89 Tm (reason an October launch is even plausible now, five years after Mastercard and American Express) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 602.89 Tm (were separately restricted by the RBI over the same data-localisation rule.) Tj ET BT /F2 15 Tf 0.08 0.1 0.14 rg 1 0 0 1 46 574.89 Tm (The Market Apple Pay Is Actually Entering) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 550.89 Tm (The "Apple vs. UPI" framing falls apart once you look at the actual numbers, because Apple Pay at) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 535.89 Tm (launch isn't competing with UPI - it's a different product for a much smaller, wealthier slice of) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 520.89 Tm (users.) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 498.89 Tm (Metric: UPI transactions, FY2026 | Figure: ~241.6 billion, worth ~INR314.2 lakh crore \(~$3.29 trillion\) | Source:) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 485.89 Tm (Tech Times / NPCI data) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 468.89 Tm (Metric: PhonePe + Google Pay combined UPI share | Figure: Over 80% of all UPI volume | Source: NPCI-sourced) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 455.89 Tm (market share data) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 438.89 Tm (Metric: Active credit cards in India | Figure: ~120 million \(May 2026\), up 33.7% YoY | Source: RBI data via The) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 425.89 Tm (Week) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 408.89 Tm (Metric: Total POS terminals nationwide | Figure: ~10.7 million \(Feb 2025\), up from 5.8 million in 2022 | Source:) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 395.89 Tm (RBI data via DataM Intelligence) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 378.89 Tm (Metric: Contact-based \(non-NFC\) terminal share | Figure: 55.38% of terminals, as of 2025 | Source: Mordor) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 365.89 Tm (Intelligence) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 348.89 Tm (Metric: Apple's global premium smartphone share \($600+\) | Figure: 65% of global sales, H1 2026 | Source:) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 335.89 Tm (Counterpoint Research via Lapaas Voice) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 318.89 Tm (Put plainly: Apple's launch-day addressable base is people who own an iPhone and hold a Visa or) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 303.89 Tm (Mastercard credit card and shop somewhere with a working NFC terminal. That's a narrow, urban,) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 288.89 Tm (affluent overlap - plausibly a low single-digit-million user base at launch, against a UPI ecosystem) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 273.89 Tm (serving hundreds of millions of people for free. Apple Pay isn't trying to replace the INR30 tea-stall QR) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 258.89 Tm (payment. It's trying to own the INR5,000 mall purchase.) Tj ET BT /F2 15 Tf 0.08 0.1 0.14 rg 1 0 0 1 46 230.89 Tm (Apple Pay vs. the Incumbents: A Straight Comparison) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 206.89 Tm (The clearest way to see what Apple Pay will and won't do at launch is to line it up against the apps) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 191.89 Tm (Indian users already have on their phones.) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 169.89 Tm (Capability: UPI QR / bank-account payments | Apple Pay \(reported, Oct 2026\): No, at launch | Google Pay / PhonePe) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 156.89 Tm (/ Paytm: Yes - core function | Samsung Wallet: Yes, fully integrated) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 139.89 Tm (Capability: NFC tap-to-pay with a card | Apple Pay \(reported, Oct 2026\): Yes - Visa/Mastercard credit only |) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 126.89 Tm (Google Pay / PhonePe / Paytm: Limited on iOS; broader on Android | Samsung Wallet: Yes, cards + UPI) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 109.89 Tm (Capability: Small-merchant / roadside acceptance | Apple Pay \(reported, Oct 2026\): Weak | Google Pay / PhonePe) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 96.89 Tm (/ Paytm: Very strong | Samsung Wallet: Strong, via UPI) Tj ET q 0.86 0.88 0.92 RG 1 w 46 42 m 549.28 42 l S Q BT /F1 8.4 Tf 0.42 0.45 0.5 rg 1 0 0 1 46 30 Tm (TechRounder | Page 3 of 7) Tj ET BT /F1 7.2 Tf 0.42 0.45 0.5 rg 1 0 0 1 46 19 Tm (https://www.techrounder.com/pdf/blog/apple-pay-in-india-without-upi-why-apples-card-first-bet-could-still-win-the-premium-wallet-war.pdf) Tj ET endstream endobj 11 0 obj << /Type /Page /Parent 2 0 R /MediaBox [0 0 595.28 841.89] /Resources << /Font << /F1 3 0 R /F2 4 0 R >> >> /Contents 12 0 R >> endobj 12 0 obj << /Length 6648 >> stream BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 789.89 Tm (Capability: Watch-based payments | Apple Pay \(reported, Oct 2026\): Strong \(Apple Watch\) | Google Pay / PhonePe /) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 776.89 Tm (Paytm: Limited | Samsung Wallet: Available on Galaxy Watch) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 759.89 Tm (Capability: Merchant sees real card number | Apple Pay \(reported, Oct 2026\): No - tokenised | Google Pay /) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 746.89 Tm (PhonePe / Paytm: Not applicable \(bank-account based\) | Samsung Wallet: No - tokenised for cards) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 729.89 Tm (Capability: Works across Android and iOS | Apple Pay \(reported, Oct 2026\): No - Apple devices only | Google Pay /) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 716.89 Tm (PhonePe / Paytm: Yes | Samsung Wallet: No - Samsung devices only) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 699.89 Tm (Samsung Wallet is the more instructive comparison than PhonePe or Google Pay, because it's the) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 684.89 Tm (closest thing to what Apple could eventually build: a device-maker's wallet that combines NFC card) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 669.89 Tm (payments with full UPI support and even third-party wallet integration \(Samsung lets users scan Paytm) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 654.89 Tm (QR codes without opening the Paytm app\). Samsung got there by integrating UPI early. Apple, for now,) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 639.89 Tm (has chosen not to - which is precisely why this launch should be read as phase one of something) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 624.89 Tm (larger, not the finished product.) Tj ET BT /F2 15 Tf 0.08 0.1 0.14 rg 1 0 0 1 46 596.89 Tm (How the Implementation Will Actually Work) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 572.89 Tm (Setting aside the fee negotiation, the technical rollout is fairly conventional and reuses infrastructure) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 557.89 Tm (that already exists in India:) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 535.89 Tm (1. Card provisioning: A user adds an eligible Visa or Mastercard credit card to Apple Wallet. The issuing) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 522.09 Tm (bank verifies the cardholder through an additional authentication step, and the card network issues a) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 508.29 Tm (device-specific token rather than storing the real card number on the phone.) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 491.49 Tm (2. Point-of-sale tap: At an NFC terminal, the user authenticates with Face ID, Touch ID, a passcode, or an) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 477.69 Tm (Apple Watch double-click. The terminal receives a one-time cryptogram and a Device Account Number -) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 463.89 Tm (never the underlying card number - which is how Apple Pay already works in every market it operates in) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 450.09 Tm (globally.) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 433.29 Tm (3. Settlement: Because this rides on existing Visa/Mastercard acquiring infrastructure, merchants that) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 419.49 Tm (already accept contactless card payments should need little to no technical change to accept Apple Pay.) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 405.69 Tm (That's a real advantage - Apple isn't building new merchant rails, just adding itself on top of ones that) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 391.89 Tm (already exist.) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 375.09 Tm (4. Authentication compliance: The RBI's Authentication Mechanisms for Digital Payment Transactions) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 361.29 Tm (Directions , in effect since April 1, 2026, requires two independent authentication factors for every digital) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 347.49 Tm (payment, with at least one dynamically generated per transaction. Crucially, this framework explicitly) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 333.69 Tm (allows device-native biometrics as a valid factor - which lines up cleanly with how Face ID and Touch ID) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 319.89 Tm (already work inside Apple's Secure Enclave. This is a genuine regulatory tailwind, separate from the) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 306.09 Tm (interchange dispute.) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 289.29 Tm (Where it will be strongest: malls, airports, hotels, organised retail chains, restaurants, and fuel) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 274.29 Tm (stations with modern POS setups. Where it will be functionally absent: local kirana stores, roadside) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 259.29 Tm (vendors, and any merchant relying solely on a static UPI QR code - which, per the terminal-penetration) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 244.29 Tm (data above, is still a majority of small merchants nationwide.) Tj ET BT /F2 15 Tf 0.08 0.1 0.14 rg 1 0 0 1 46 216.29 Tm (The Realistic Roadmap: Three Phases to Watch) Tj ET BT /F2 13 Tf 0.08 0.1 0.14 rg 1 0 0 1 46 186.29 Tm (Phase 1 \(2026\): The premium card wallet) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 164.29 Tm (Expect a deliberately narrow launch - a handful of issuing banks \(HDFC, ICICI, and Axis have all been) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 149.29 Tm (named in reporting\), Visa and Mastercard credit cards only, and marketing aimed squarely at existing) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 134.29 Tm (iPhone and Apple Watch owners who already hold a premium card. Revenue in this phase comes) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 119.29 Tm (entirely from the interchange-share negotiation, not transaction volume. Success here looks like) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 104.29 Tm (activation rates among the existing overlap of iPhone-and-credit-card holders, not headline user) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 89.29 Tm (numbers.) Tj ET q 0.86 0.88 0.92 RG 1 w 46 42 m 549.28 42 l S Q BT /F1 8.4 Tf 0.42 0.45 0.5 rg 1 0 0 1 46 30 Tm (TechRounder | Page 4 of 7) Tj ET BT /F1 7.2 Tf 0.42 0.45 0.5 rg 1 0 0 1 46 19 Tm (https://www.techrounder.com/pdf/blog/apple-pay-in-india-without-upi-why-apples-card-first-bet-could-still-win-the-premium-wallet-war.pdf) Tj ET endstream endobj 13 0 obj << /Type /Page /Parent 2 0 R /MediaBox [0 0 595.28 841.89] /Resources << /Font << /F1 3 0 R /F2 4 0 R >> >> /Contents 14 0 R >> endobj 14 0 obj << /Length 6301 >> stream BT /F2 13 Tf 0.08 0.1 0.14 rg 1 0 0 1 46 789.89 Tm (Phase 2 \(2027, conditional\): The NPCI push) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 767.89 Tm (If Apple decides the economics are worth it - a decision that gets easier if the August 2026 MDR) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 752.89 Tm (amendment actually produces fee revenue on large-merchant UPI transactions - the next step is) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 737.89 Tm (pursuing NPCI approval and a sponsor-bank partnership to become a UPI third-party application) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 722.89 Tm (provider, the same structural path Google Pay, WhatsApp Pay, and Amazon Pay have already taken.) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 707.89 Tm (Worth noting: NPCI's proposed 30% market-share cap on any single UPI app, aimed at breaking the) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 692.89 Tm (PhonePe/Google Pay duopoly, has been delayed repeatedly and now stands at December 31, 2026. If) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 677.89 Tm (it's ever actually enforced, it could open real room for a new, well-funded entrant - but Apple can't) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 662.89 Tm (build a strategy around regulatory intervention that's been pushed back for years already.) Tj ET BT /F2 13 Tf 0.08 0.1 0.14 rg 1 0 0 1 46 634.89 Tm (Phase 3 \(2027-28, speculative\): Deeper ecosystem plays) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 612.89 Tm (Longer term, the most logical expansion is RuPay support - since RuPay carries the largest debit-card) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 597.89 Tm (base in the country and increasing government preference, and the RBI has already built a framework) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 582.89 Tm (linking RuPay credit cards directly to UPI. An India-specific co-branded card, similar to how Apple) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 567.89 Tm (partnered with Goldman Sachs on Apple Card in the US, is the kind of move that would meaningfully) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 552.89 Tm (deepen engagement, though it would require a domestic banking partner and RBI clearance that hasn't) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 537.89 Tm (been reported as in progress.) Tj ET BT /F2 15 Tf 0.08 0.1 0.14 rg 1 0 0 1 46 509.89 Tm (The Risks That Could Slow Apple Down) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 485.89 Tm (- The interchange negotiation itself could stall. The 15-20 bps vs. 10 bps gap between Apple and Indian) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 472.09 Tm (banks is a real commercial dispute, not a formality - it could delay the launch or shrink the list of) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 458.29 Tm (participating cards.) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 441.49 Tm (- Terminal coverage is uneven. With over half of India's POS terminals still not NFC-capable as of 2025,) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 427.69 Tm (Apple Pay's day-one usefulness will be geographically concentrated in metros and organised retail.) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 410.89 Tm (- UPI habit is deeply entrenched. Scan-and-pay requires no card, no NFC terminal, and costs the user) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 397.09 Tm (nothing - Apple Pay requires owning a credit card that most Indians, outside the top income brackets, simply) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 383.29 Tm (don't have.) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 366.49 Tm (- Apple locks its own NFC controller to Apple Wallet , meaning competing wallets can't offer true tap-to-pay) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 352.69 Tm (on an iPhone the way they can on Android. That protects Apple's card business on its own hardware, but it) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 338.89 Tm (doesn't help Apple Pay compete for UPI-first users who won't switch platforms.) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 322.09 Tm (- Samsung already got here first with a wallet that does both cards and UPI - Apple is entering a category) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 308.29 Tm (where the more complete competitor is already live.) Tj ET BT /F2 15 Tf 0.08 0.1 0.14 rg 1 0 0 1 46 285.49 Tm (Redefining Success: What Winning Actually Looks Like for Apple) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 261.49 Tm (The mistake in most coverage of this story is measuring Apple Pay against PhonePe and Google Pay's) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 246.49 Tm (transaction volume - a game Apple isn't playing and doesn't need to win. A more useful definition of) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 231.49 Tm (success looks like this:) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 209.49 Tm (- High activation and repeat-usage rates among the existing iPhone-plus-premium-credit-card overlap, not) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 195.69 Tm (raw user counts.) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 178.89 Tm (- Meaningful share of high-value transactions - travel, hospitality, premium retail, e-commerce checkout -) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 165.09 Tm (where Apple Pay's frictionless authentication genuinely beats opening a UPI app and typing a PIN.) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 148.29 Tm (- Ecosystem stickiness: Apple Watch payment adoption, in-app and Safari checkout penetration, and reduced) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 134.49 Tm (cart abandonment for merchants who integrate it.) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 117.69 Tm (- A credible foothold and negotiating position that makes eventual UPI integration commercially sensible once) Tj ET BT /F1 10.5 Tf 0.2 0.23 0.28 rg 1 0 0 1 46 103.89 Tm (\(or if\) the MDR landscape changes.) Tj ET q 0.86 0.88 0.92 RG 1 w 46 42 m 549.28 42 l S Q BT /F1 8.4 Tf 0.42 0.45 0.5 rg 1 0 0 1 46 30 Tm (TechRounder | Page 5 of 7) Tj ET BT /F1 7.2 Tf 0.42 0.45 0.5 rg 1 0 0 1 46 19 Tm (https://www.techrounder.com/pdf/blog/apple-pay-in-india-without-upi-why-apples-card-first-bet-could-still-win-the-premium-wallet-war.pdf) Tj ET endstream endobj 15 0 obj << /Type /Page /Parent 2 0 R /MediaBox [0 0 595.28 841.89] /Resources << /Font << /F1 3 0 R /F2 4 0 R >> >> /Contents 16 0 R >> endobj 16 0 obj << /Length 5087 >> stream BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 789.89 Tm (By that scorecard, a card-only Apple Pay can be a genuine commercial success in India without ever) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 774.89 Tm (approaching UPI's scale - because it was never designed to.) Tj ET BT /F2 15 Tf 0.08 0.1 0.14 rg 1 0 0 1 46 746.89 Tm (Frequently Asked Questions) Tj ET BT /F2 13 Tf 0.08 0.1 0.14 rg 1 0 0 1 46 716.89 Tm (Is Apple Pay's India launch officially confirmed?) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 694.89 Tm (No. Everything currently known comes from media reporting, primarily Business Standard citing) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 679.89 Tm (unnamed sources, not an official Apple announcement. Treat the October 2026 date as a strong) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 664.89 Tm (reported target rather than a confirmed launch.) Tj ET BT /F2 13 Tf 0.08 0.1 0.14 rg 1 0 0 1 46 636.89 Tm (Why doesn't Apple Pay support UPI at launch?) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 614.89 Tm (Two separate reasons: Apple hasn't secured NPCI approval and a sponsor-bank arrangement needed) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 599.89 Tm (to route UPI transactions, and UPI's zero-MDR structure means there's currently no transaction fee) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 584.89 Tm (for Apple to earn even if it did integrate - unlike credit cards, where standard interchange still applies.) Tj ET BT /F2 13 Tf 0.08 0.1 0.14 rg 1 0 0 1 46 556.89 Tm (Will Apple Pay work at small shops and street vendors?) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 534.89 Tm (Not initially. Apple Pay depends on NFC-enabled point-of-sale terminals, which are concentrated in) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 519.89 Tm (organised retail, malls, and larger merchants. Small merchants relying on a static UPI QR code won't) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 504.89 Tm (be able to accept it until, and unless, Apple adds UPI support.) Tj ET BT /F2 13 Tf 0.08 0.1 0.14 rg 1 0 0 1 46 476.89 Tm (Which banks are expected to support Apple Pay at launch?) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 454.89 Tm (HDFC Bank, ICICI Bank, and Axis Bank have been named in reporting as the banks Apple has been) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 439.89 Tm (negotiating with, though the final list of participating issuers hasn't been confirmed.) Tj ET BT /F2 13 Tf 0.08 0.1 0.14 rg 1 0 0 1 46 411.89 Tm (Could the new UPI fee law change Apple's plans?) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 389.89 Tm (Possibly. The August 2026 amendment allowing future MDR on large-merchant UPI transactions is the) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 374.89 Tm (biggest open variable - if it results in real fee revenue, it would make UPI integration commercially) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 359.89 Tm (attractive to Apple in a way it currently isn't.) Tj ET BT /F2 15 Tf 0.08 0.1 0.14 rg 1 0 0 1 46 331.89 Tm (The Bottom Line) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 307.89 Tm (Apple Pay's India entry isn't a UPI competitor stumbling out of the gate - it's a premium card wallet) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 292.89 Tm (entering the one part of India's payment stack that still has a monetisable fee structure, timed to land) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 277.89 Tm (right after Apple quietly cleared the tokenisation hurdle that had blocked even its own App Store card) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 262.89 Tm (payments for five years. Whether it succeeds depends less on out-competing PhonePe or Google Pay,) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 247.89 Tm (and more on whether Apple can convert a narrow, affluent, iPhone-owning slice of Indian consumers) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 232.89 Tm (into habitual users - while keeping an eye on whether India's shifting MDR policy eventually makes the) Tj ET BT /F1 11 Tf 0.14 0.16 0.2 rg 1 0 0 1 46 217.89 Tm (UPI door worth walking through.) Tj ET BT /F2 13 Tf 0.08 0.1 0.14 rg 1 0 0 1 46 189.89 Tm (References) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 169.89 Tm (1. business-standard.com - finance / news -) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 156.39 Tm (https://www.business-standard.com/finance/news/dropping-this-oct-apple-pay-services-set-for-india-launch-) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 142.89 Tm (no-upi-yet-126080900805_1.html) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 125.39 Tm (2. vajiramandravi.com - current-affairs / upi-fee-debate -) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 111.89 Tm (https://vajiramandravi.com/current-affairs/upi-fee-debate/) Tj ET q 0.86 0.88 0.92 RG 1 w 46 42 m 549.28 42 l S Q BT /F1 8.4 Tf 0.42 0.45 0.5 rg 1 0 0 1 46 30 Tm (TechRounder | Page 6 of 7) Tj ET BT /F1 7.2 Tf 0.42 0.45 0.5 rg 1 0 0 1 46 19 Tm (https://www.techrounder.com/pdf/blog/apple-pay-in-india-without-upi-why-apples-card-first-bet-could-still-win-the-premium-wallet-war.pdf) Tj ET endstream endobj 17 0 obj << /Type /Page /Parent 2 0 R /MediaBox [0 0 595.28 841.89] /Resources << /Font << /F1 3 0 R /F2 4 0 R >> >> /Contents 18 0 R >> endobj 18 0 obj << /Length 3694 >> stream BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 789.89 Tm (3. techtimes.com - articles / 322958 -) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 776.39 Tm (https://www.techtimes.com/articles/322958/20260804/india-opens-door-upi-merchant-fees-parliament-amen) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 762.89 Tm (ds-six-year-zero-mdr-law.htm) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 745.39 Tm (4. business-standard.com - india-news /) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 731.89 Tm (upi-to-remain-free-for-consumers-govt-clarifies-proposed-mdr-rules-126080801115_1.html -) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 718.39 Tm (https://www.business-standard.com/india-news/upi-to-remain-free-for-consumers-govt-clarifies-proposed-m) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 704.89 Tm (dr-rules-126080801115_1.html) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 687.39 Tm (5. outlookbusiness.com - corporate / apple-resumes-card-payments-in-india-after-five-years -) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 673.89 Tm (https://www.outlookbusiness.com/corporate/apple-resumes-card-payments-in-india-after-five-years) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 656.39 Tm (6. appleinsider.com - articles / 26 -) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 642.89 Tm (https://appleinsider.com/articles/26/07/06/four-years-on-apple-bends-to-indias-demands-over-card-payment) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 629.39 Tm (s) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 611.89 Tm (7. oxigenwallet.com - upi / apps-market-share - https://www.oxigenwallet.com/upi/apps-market-share/) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 594.39 Tm (8. theweek.in - theweek / business -) Tj ET BT /F1 10 Tf 0.18 0.2 0.24 rg 1 0 0 1 46 580.89 Tm (https://www.theweek.in/theweek/business/2026/07/18/how-upi-fintech-are-driving-indias-credit-card-surge.) 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