Payment by card
- RuPay is the Indian brand of credit and debit card system of payments, launched by the National Payments Corporation of India.
- With local actor:
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RuPay
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Payment by bank transfer
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Launched in 2015, India’s Unified PaymentInterface (UPI) was among the first to let customers select between phone numbers, account numbers or domain-based aliases(e.g., user@bank) to identify themselves to receive a payment. UPI is largely used for small ticket payments with 140 million transactions per day and an average transaction size ofUSD24.7 and 50 per cent volume below three dollars
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In India, the penetration of smartphones has reached 60.63% in 2021. The outbreak of the COVID-19 pandemic also boosted the growth of neo banks (digital-only) in India.
- With local actors such as:
- UPI
- Jupiter
- Fi
- Fyp
- InstantPay
- mool
- Niyo
- Freo
- Payzello
- North Loop
- Fampay
Payment by installment and BNPL
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The India BNPL market grew more than637% in 2021. And it is expected to grow from $3-3.5 billion today to $45-50 billion by 2026. There are around a dozen BNPL players inIndia. Even traditional banks are jumping into the BNPL bandwagon.
- With local actors such as:
- Capital Float
- Simpl
- Lazypay
- kissht
- Pine Labs
- ePayLater
- KreditBee
- Zest
- Uni
- Flexmoney
- Slice
- Flipkart
- Rupifi
- Mobikwik
Payment by digital wallet and X-Pay
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India’s mobile wallet market is growing at an impressive CAGR owing to the increasing number of smartphone users in the country. The India mobile wallet market is estimated to grow at a CAGR of 46.3%, earning revenue of USD 429.2 billion by the end of 2027.
- With local actors such as:
- Jio Payments
- Oxigen
- PayZapp
- ItzCash
- YesBank
- dhani
- Mobikwik
- PayTm
- PhonePe
Payment methods in India interesting you?
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