Apple Inc has officially introduced its payment service in India, aiming to further expand its business footprint through this key growth market that has over a billion consumers.

The US tech giant said in a statement on Wednesday that Apple Pay will first launch in partnership with Indian lender Axis Bank Ltd. This means Axis Bank customers can add their credit or debit cards to the Apple Wallet on iPhones and Apple Watches, and use their devices to make payments.

Cupertino, California-based Apple is targeting the rapidly growing middle class in the world's most populous nation. Although the Indian market is currently dominated by lower-priced Android devices, Apple's increasing local manufacturing and retail operations are helping it win more users among India's wealthier consumer base.

Apple Pay relies on Face ID or Touch ID to authorize in-store tap-to-pay transactions, website purchases, and in-app payments. According to earlier media reports, the service will over time expand to support credit cards from other banks, as well as India's state-backed Unified Payments Interface (UPI). UPI allows Indian customers to transfer money instantly and pay bills, and it holds a dominant position in India's digital payments landscape.