In first order Peano axioms the principal of mathematical induction is not one axiom, but a "template" called an axiom scheme. For every possible expression (or "predicate") with a free variable, $P(n)$, we have the axiom:
$$(P(0) \land \left(\forall n: P(n)\implies P(n+1)\right))\implies \\\forall n: P(n)$$
So, if $P(x)$ is the predicate, $x\cdot 0 = 1$ then we'd have the messy axiom:
$$(0\cdot 0=1 \land \left(\forall n: n\cdot 0 =1\implies (n+1)\cdot 0=1\right))\implies \\\forall n: n\cdot 0 = 1$$
Our inclination is to think of this axiom scheme as a single axiom when preceded by "$\forall P$", but in first-order theory, there is only one "type." In first-order number theory, that type is "natural number." So there is no room in the language for the concept of $\forall P$. In second order theory, we can say $\forall P$.
In set theory, you have a similar rule, the "axiom of specification" which lets you construct a set from any predicate, $P(x,y)$, with two free variables:
$$\forall S:\exists T: \forall x: (x\in T\iff (x\in S\land P(x,S)))$$
(The axiom lets you do more, but this is a simple case.)
which essentially means that there exists a set:
$$\{x\in S: P(x,S)\}$$
Again, there is no such object inside set theory as a "predicate."
For most human axiom systems, even when the axioms are infinite, we have a level of verifiability. We usually desire an ability to verify a proof using mechanistic means, and therefore, given any step in a proof, we desire the ability to verify the step in a finite amount of time.