India

One of the fastest-growing digital payments markets driven by UPI and mobile-first adoption

Overview

India is experiencing explosive growth in digital payments, powered by the Unified Payments Interface (UPI), government initiatives, and rapid smartphone adoption. Consumers increasingly rely on mobile-first payment methods, with QR-code transactions becoming part of daily life. Traditional cash usage remains, but is steadily declining as e-commerce and digital services expand

Key Characteristics

UPI dominates as the leading domestic real-time payments system

Strong consumer uptake of mobile wallets such as Paytm, PhonePe, and Google Pay

RuPay serves as the domestic card scheme alongside Visa and Mastercard

Rapid regulatory changes create both opportunities and challenges for local and foreign players

Supported Payment Methods

UPI

RuPay cards

Visa and Mastercard

Paytm, PhonePe, Google Pay wallets

QR-code based and contactless payments

Key Providers

Leading providers in the Indian market include NPCI (operator of UPI and RuPay), Paytm, PhonePe, and Google Pay. Global card networks such as Visa and Mastercard maintain strong presence, while international wallets continue to expand through local partnerships

Regulation and Compliance

India’s payments market is closely regulated by the Reserve Bank of India (RBI). Rules cover data localization, transaction authentication, and licensing for payment companies. Compliance with RBI requirements is mandatory, and foreign players typically need local partners to operate effectively

Want to know more about payments in India?

Contact Bizz2Pay today to discuss your requirements or get introduced to the right Payment Provider covering the most popular payment methods offered in India