Kotak Mahindra Bank might soon partner with Apple Pay after evaluating customer demand. Currently, only Axis Bank offers this service for credit cards. CEO Ashok Vaswani said, "We will eventually get there." The bank plans to grow its credit card business by using its existing customer base and data effectively.
Vaswani said the bank will evaluate customer demand before deciding on its participation in the Apple Pay ecosystem.
He added, "We will eventually get there (to be a part of the ecosystem). If our customers demand it, we will do it, and we will get it done over the next couple of quarters."
Currently, only Axis Bank has partnered with Apple Pay for its credit cards issued on Visa and Mastercard networks.
Kotak Mahindra Bank, India's fourth-largest private lender, is also focusing on expanding its credit card business.
The bank plans to leverage its existing customer base, data, and customer service instead of chasing market share at the cost of profitability.
Vaswani said, "We do see good traction on spends, but at the same time, you know our relative market share on cards is still very small."