Tag: AxisBank

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Technology

Apple Pay launches in India with Axis Bank

Apple has officially launched Apple Pay in India, bringing its contactless payment service to the country after years of anticipation. The service went live on September 30 and is initially available to customers with eligible Axis Bank-issued Visa and Mastercard credit cards. Apple Pay can be used on iPhone, iPad and Apple Watch, while Mac support is expected to arrive soon.

The India launch gives Apple users another way to make card payments without carrying a physical card or repeatedly entering card details. Users can add an eligible Axis Bank credit card to Apple Wallet and use their device to pay at participating stores, apps and websites. Apple says the service is available across thousands of merchants in India, with more expected to be added over time.

How Apple Pay Works in India

Apple Pay is designed to make contactless payments a simple tap-and-go experience. At a compatible payment terminal, iPhone users can double-click the side button or Home button, authenticate with Face ID, Touch ID or their device passcode, and hold the top of the iPhone near the contactless reader.

Apple Watch users can double-click the side button and hold the display close to the payment terminal. Once authenticated, the payment is processed through the linked card. Users do not need to enter a card PIN or OTP at checkout when using Apple Pay.

Apple Pay can also be used for purchases inside supported apps and on websites. Instead of entering card, billing and contact information each time, users can select Apple Pay at checkout and authenticate the transaction on their device.

For Axis Bank customers, the rewards and benefits associated with their eligible credit cards continue when those cards are used through Apple Pay.

Setting up Apple Pay is also straightforward. Users can open the Apple Wallet app on their iPhone, tap the plus button and follow the instructions to add an eligible Axis Bank card. The card can also be added through the latest version of the Axis Bank mobile banking app. Once the card is verified, it can be used through Apple Pay.

Where Apple Pay Can Be Used

Apple Pay’s initial rollout covers a range of physical stores, online platforms and apps. Apple says participating merchants include Apple Store locations, Blinkit, Chaayos, Comet, Croma, Interflora, Ixigo, Le15 Patisserie, Reliance brands, Tata 1mg and Zomato, among others.

The company has also partnered with payment service providers including Cashfree, JusPay, Mswipe, Paytm, PayU, Pine Labs, Razorpay and Worldline to extend Apple Pay across their merchant networks. More merchants and apps are expected to join the network as the rollout expands.

Apple Pay can also be used internationally at compatible NFC contactless terminals. This means eligible Indian users travelling abroad can use the service wherever their card and Apple Pay are supported.

At launch, however, the service has a limited banking and card-network footprint in India. Only eligible Axis Bank Visa and Mastercard credit cards are supported. India’s domestic RuPay cards are not part of the initial rollout, and Apple has not yet announced broader bank support. The company is expected to expand the service to additional banks and cards over time.

The limited initial rollout is notable because India has a highly developed digital payments ecosystem dominated by UPI. Apple Pay’s India offering is currently focused on card-based payments, rather than UPI transactions. Users therefore cannot use Apple Pay to make a direct UPI payment from a bank account through the service at launch.

Security and Privacy

Security and privacy are central to Apple’s Apple Pay model. The company says the actual card number is not stored on the device or on Apple’s servers and is not shared with merchants during a transaction.

Instead, Apple Pay creates a unique Device Account Number for the card. This number is encrypted and stored in the device’s Secure Element, a dedicated security component designed to protect payment information. Each payment is also authenticated on the user’s device.

Apple Pay is now available across more than 90 countries and regions, with more than 11,000 bank and network partners globally, according to the company. Its entry into India adds one of the world’s largest digital payments markets to that network.

The initial Axis Bank-only rollout is relatively narrow, but the addition of more banks, cards, merchants and apps could determine how widely Apple Pay is adopted in India’s competitive digital payments market.

 

Categories
Leaders

Axis Bank CFO Puneet Sharma joins HDFC Bank

HDFC Bank has appointed Puneet Sharma, the outgoing Chief Financial Officer (CFO) of Axis Bank, as its new finance chief, strengthening its senior leadership at a time when the country’s largest private sector lender is focused on long-term growth.

Sharma will join HDFC Bank after completing his notice period at Axis Bank and after receiving the required regulatory approvals. He is expected to succeed the bank’s current finance leadership as HDFC Bank continues to integrate operations following its merger with Housing Development Finance Corporation (HDFC).

A seasoned banking professional, Sharma has over two decades of experience in finance, treasury, strategy and corporate banking. During his tenure at Axis Bank, he played a key role in strengthening the bank’s financial position, improving capital management and driving business transformation.

His move comes shortly after Axis Bank announced that Sharma would step down as CFO in August. The leadership change has drawn attention across the banking sector, given his experience and the significance of the role at HDFC Bank.

For HDFC Bank, the appointment comes at an important stage as it continues to manage post-merger integration, improve operational efficiency and maintain steady business growth.

The appointment also reflects HDFC Bank’s focus on bringing experienced leaders into key positions as competition in the banking sector continues to intensify.

Also Read: Centre to launch ₹5,000-cr green steel scheme

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1 Minute-Read

Axis Bank drops 5% on Q4 concerns

Axis Bank shares fell around 3–5% after its Q4 results, becoming one of the top losers on the Nifty 50. The decline came as higher provisions for potential risks overshadowed steady operational performance.

Net profit was impacted due to increased provisioning and cautious outlook on credit costs. While loan and deposit growth remained stable, brokerages flagged a mixed set of numbers.

Analysts said asset quality remains manageable, but elevated provisions weighed on near-term earnings visibility. Broader weakness in banking stocks also added pressure. Investors are now watching future guidance on credit costs and margins closely.

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Beyond

Tech gains drive Axis Bank to cut 3,000 jobs

Axis Bank has reduced its workforce by around 3,000 employees in FY26, as its growing use of technology and automation has improved efficiency across operations.

The total employee count fell to about 1.01 lakh, down from roughly 1.04 lakh in the previous year. The bank said the change happened gradually over time rather than through a sudden layoff drive.

According to the bank, the reduction reflects productivity gains from its ongoing digital transformation. With better systems, automation and upgraded technology platforms, fewer employees are now needed to handle the same volume of work.

At the same time, Axis Bank continued to expand its physical presence. It added around 400 new branches during the year, showing that it is still investing in traditional banking channels alongside digital services.

The bank clarified that the workforce drop is not linked to any large-scale restructuring but is part of a broader shift towards efficiency and technology-led operations.

In recent years, Axis Bank has been heavily investing in digital banking, automation tools and customer service platforms. These investments are now beginning to show results in the form of improved productivity.

The trend also reflects what is happening across the banking sector, where technology is changing how work is done. Many routine tasks are being automated, allowing banks to operate with leaner teams while improving speed and service quality.

Even with fewer employees overall, banks like Axis continue to hire selectively in areas such as digital services, risk management and customer experience roles.

Also Read: OpenAI, Microsoft reset partnership terms

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1 Minute-Read

Axis Bank Q3 profit rises 3% to ₹6,490 cr

Axis Bank announced a 3 per cent increase in its standalone net profit for the third quarter ended December, reporting earnings of ₹6,490 crore compared with ₹6,304 crore a year earlier.

The bank’s net interest income rose 5 per cent to ₹14,287 crore, supported by strong loan growth of around 14 per cent. Total deposits grew by nearly 15 per cent during the quarter.

Asset quality improved, with a fall in gross and net non-performing assets, although margins dipped slightly. The bank said it continues to focus on balanced growth, strengthening its balance sheet, and maintaining prudent risk management amid a cautious lending environment.