Payment methods in India

Let’s go to #India 🇮🇳 ! A little walk to discover all the payment methods in India.

Nuggets unearthed locally, global actors working there, different types of payment methods.

In 2022, India had a population of over 1,403 million, and its e-commerce turnover was €57.48bn (2021).

 


 

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:
    • RuPay

Payment by bank transfer

  • 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., [email protected]) 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

  • 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

  • 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

  • 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

 


 

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