Desk note · industry · Payments / consumer tech
Reporting on 18 October 2026 said Apple’s tap-to-pay service, which rolled out in late September 2026, lets iPhone, iPad, and Apple Watch users pay at terminals using Face ID or Touch ID without entering a PIN or OTP, starting with Axis Bank-issued Visa and Mastercard credit cards while talks continue with other lenders.
On 18 October 2026, coverage of Apple Pay’s India launch explained that the service went live in late September 2026 for users of iPhones, iPads, and Apple Watches. Shoppers can tap to pay at contactless terminals and check out on participating apps and websites without retyping card numbers. Apple Pay vice president Jennifer Bailey said the goal is everyday payments that feel simple and private, using Face ID or Touch ID on the device instead of a separate PIN or OTP step at checkout. For now, only Axis Bank-issued Visa and Mastercard credit cards work in the wallet, though reports said Apple is talking to other large domestic banks about joining.
India already has UPI for peer-to-peer and many merchant payments, but card-based tap-to-pay at modern terminals has been patchy because issuers and networks had to wire up tokenisation and risk rules with Apple’s secure element. Starting with one bank’s credit cards lets Apple test fraud rates and customer support load before a wider rollout. Biometric approval can speed checkout at coffee shops, airports, and quick-service restaurants where typing OTPs is awkward. It also nudges card issuers to compete on rewards and limits inside Apple Wallet, not just on their own apps.
If you carry an iPhone and an Axis Bank credit card, check the Wallet app to add your card and look for the contactless symbol at checkout. If you bank elsewhere, you may need to wait or keep using UPI and physical cards for now. Merchants with NFC terminals should train staff that phone taps are valid even when customers do not pull out a plastic card. Watch which banks sign next and whether debit cards or UPI interoperability follow, because that will determine how broad Apple Pay becomes beyond premium credit users.
Trade policy / exports
Commerce minister Piyush Goyal said on 22 October 2026 that India’s proposed free-trade agreement with the European Union could become operational within four to five months after signing, with the deal expected to be inked before year-end during his visit to Germany.
Food delivery / quick commerce
Swiggy reported on 22 October 2026 that September-quarter revenue rose 36% to about ₹7,571 crore and the consolidated net loss narrowed to ₹922 crore, as food delivery posted record adjusted core profit of about ₹349 crore while quick-commerce Instamart lost about ₹764 crore at the segment level amid heavier discounting and 69 new dark stores.
Quick-service restaurants / consumers
KFC and Pizza Hut operator Sapphire Foods India said on 22 October 2026 that September-quarter consolidated restaurant sales rose 20% year on year to about ₹885 crore, with KFC India same-store sales up 14% and adjusted EBITDA margin expanding 100 basis points to 7.1% even as the listed stock remained far below its 52-week high.
RBI / government borrowing
On 22 October 2026, the Reserve Bank of India accepted no bids at the scheduled sale of short-dated government treasury bills, the first full cancellation in about seven months, as investors demanded higher yields amid a bond selloff, oil-linked inflation fears, and expectations of more rate hikes after October’s policy minutes.
For informational purposes only. Not investment advice. Verify with filings and a licensed adviser.