# Apple Pay launches in India as Asian fintech sees major growth

> The Apple Pay India launch brings contactless payments to a UPI-dominated market, while digital banks and crypto activity surge across the Asian region.

- Canonical URL: https://coreiten.com/en/article/apple-pay-india-launch-contactless-payments-take-on-upi
- Language: en
- Section: Finance
- Author: Sami
- Published: 2026-10-10T20:02:16+03:00
- Modified: 2026-10-10T20:02:16+03:00
- Publisher: CoreITen (https://coreiten.com)
- Keywords: Apple Pay, Axis Bank, UPI, ZA Bank, Mox Bank, StraitsX, Visa, Swift

## Summary

Apple Pay has officially launched in India through a partnership with Axis Bank, entering a market dominated by the entrenched UPI network.

- Hong Kong virtual banks ZA Bank and Mox Bank posted their first profitable half-year results since the regulator issued licenses in 2019.
- Singapore's crypto economy expanded by 55.4 percent to reach $284 billion in the first half of 2026, driven by institutional activity.
- Visa reported nearly 200 percent year-over-year growth in stablecoin-linked card payments, with commercial programs making up 17 percent of that volume.
- Moneyview debuted on the stock exchange at a 76 percent premium following an IPO that was subscribed nearly 98.5 times.
- Mizuho Bank and the International Finance Corporation introduced a $1 billion supply-chain finance facility aimed at Asia Pacific SMEs.

**Why it matters:** The Asian fintech sector is demonstrating maturity as virtual banks reach profitability, stablecoins gain institutional traction, and major players like Apple expand into new markets.

---

Apple has officially launched Apple Pay in India in partnership with Axis Bank, bringing its contactless payment service to iPhone, iPad, and Apple Watch users. The Apple Pay India launch places the company in direct competition with UPI, the interoperable stack from the National Payments Corporation of India that processes billions of monthly transactions.

According to The Fintech Times, India has historically been a difficult market for card-linked wallets. UPI’s zero-fee structure and deep merchant penetration have compressed the commercial space for competing payment rails. The report notes that Apple's ability to gain meaningful transaction volume will depend heavily on how it and Axis Bank price acceptance, and whether additional bank partners are onboarded quickly, as no other issuing banks were named in the announcement.

### Hong Kong virtual banks reach profitability

Across the region, two licensed virtual banks in Hong Kong posted profitable half-year results for the first time since the city’s regulator began issuing licenses in 2019. ZA Bank reported a 44 percent year-over-year rise in net profit to $7.2 million in the first half of 2026, with fee income reaching a record $12.5 million. Mox Bank posted a pre-tax profit of HK$8.63 million (roughly $1.1 million) on operating income growth of 69 percent year-over-year.

The publication notes that these positive returns provide a data point for regulators and license applicants globally, countering persistent criticism about the long runway to profitability for digital banks.

### Singapore crypto and global stablecoin growth

Singapore’s crypto economy grew 55.4 percent to $284 billion in the first half of 2026, with institutional activity rising 94 percent to $60 billion. StraitsX, the digital-assets subsidiary of Fazz, launched XSGD and XUSD stablecoins on Monad. The company describes XSGD as the first Singapore Dollar-denominated stablecoin natively issued on the Monad blockchain. This follows the Monetary Authority of Singapore finalizing its stablecoin regulatory framework in 2023.

Globally, Visa reported nearly 200 percent year-over-year growth in stablecoin-linked card payments. Business and commercial programs accounted for 17 percent of volume in the financial year to date, pointing to stablecoins increasingly functioning as a settlement rail for institutional flows rather than just a retail speculative instrument.

### Swift aliases and regional fintech investments

Swift has launched a pay-by-alias initiative that enables cross-border payments using mobile numbers and email addresses, with over 100 banks participating at launch. The product mirrors the alias-based routing used in domestic real-time payment systems like India’s UPI and Australia’s PayID.

In other regional developments, Mizuho Bank and the International Finance Corporation announced a $1 billion supply-chain finance facility for Asia Pacific SMEs. In India, Moneyview listed on the stock exchange at a 76 percent premium after its IPO was subscribed nearly 98.5 times, valuing the company above $1 billion, while StockGro filed preliminary documents with SEBI to raise between $210 million and $260 million. Additionally, the State Bank of Pakistan opened its second regulatory sandbox cohort for AI, payments, and remittances, with applications due November 30, 2026.

### Market outlook

For Apple, the immediate challenge in India will be navigating a market accustomed to the zero-fee structure of UPI. Meanwhile, the broader Asian fintech sector is showing signs of maturity, with digital banks proving their business models can yield positive returns and stablecoins gaining traction as practical tools for institutional settlement.

## Sources

- [thefintechtimes.com](https://thefintechtimes.com/apple-pay-enters-india-as-asia-fintech-records-a-bumper-week/)