Apple Pay to Launch in India Tuesday With Axis Bank

Apple Pay is launching in India with Axis Bank as its initial partner. The service will support Visa and Mastercard cards, but not RuPay, and will be limited to enabled merchants. Apple seeks a 20 basis point fee on transactions, which has delayed partnerships with other banks like HDFC, ICICI, and SBI. Apple Pay enters a market dominated by UPI, focusing on iPhone users with premium cards.

Apple's stock fell 2% to $331.08 after Bank of America warned Meta's shopping agent could reduce online commerce activity in its ecosystem. Meta's stock rose 0.4% to $718.53. Alphabet and Microsoft also declined, but less sharply. Bank of America maintained a Buy rating on Apple, citing its strengths despite potential risks. Apple plans a structural overhaul to speed product development and adapt to slowing services growth.

Apple's stock fell 1.5% to $333.33 after the company introduced new desktops aimed at enabling businesses to run AI locally. Apple claims the M6 Mac mini offers four times faster AI performance, but investors question whether this will drive significant business sales. The stock is currently 16.03% above its estimated value.

Apple shares dropped 2% after Bank of America warned AI agents like Meta's Muse could reduce online shopping within Apple's ecosystem. The bank maintained a Buy rating, citing Apple's user base and privacy tech. Muse partners with Shopify, Expedia, and PayPal, while Amazon has blocked it. Apple's Siri update was noted as less capable than Muse.

Apple released urgent security updates for iOS, iPadOS, and macOS to patch CVE-2026-86950, a zero-day vulnerability in CoreGraphics exploited in targeted attacks. The flaw, discovered by Meta's security team, allows arbitrary code execution via maliciously crafted files. This is Apple's second exploited zero-day of 2026, following CVE-2026-20700 in February. The updates address a critical security emergency for users of supported devices.

Apple CEO John Ternus is reportedly considering faster product releases, reducing middle management, and increasing experimentation. The company has laid off some engineering program managers and is reviewing its Vision Pro, Siri, and Fitness+ teams. Apple did not comment. According to Bloomberg, these changes aim to streamline operations and foster innovation.