What are the platforms for third-party payments in India: analysis of mainstream third-party payment platforms in India
Currently, representative third-party payment platforms in India are partnering with mainstream Indian banks and operators.
**1. Market conditions**
- India's largest mobile payment and e-commerce platform and the fourth largest wallet in the world.
- Thanks to Alibaba's payment technology support.
- Established partnerships with over 180 domestic and international banks, including VISA and MasterCard, making it a regular partner of financial institutions in the e-payment sector with 450 million verified users.
- Obtained a banking licence with the aim of becoming the world's largest digital bank, creating a digital bank with 500 million accounts offering online financial services from wealth management to credit card and stock market trading.
- Leading in terms of number of wallet users, Paytm has 122 million users and 90 million monthly transactions. With 150 million users, Paytm has become almost synonymous with e-wallets in India with 7 million daily transactions.
**2. Operational content**
- Involved in e-commerce, payment banking and online payments including mobile top-ups, online shopping, utility payments, metro card top-ups, municipal supplies, motorway tolls, app shop top-ups, credit finance and ticket booking, working with leading companies across a range of industries.
- Online features include mobile top-up, utility bill payment, fund transfer, online purchase of goods and ticket booking.
- Offline functionality allows payments to be made at petrol stations, street shops and retail chains.
- The technological upgrades have been made possible by Alibaba's advanced experience, which has significantly enhanced Paytm's payment capabilities.
**3. Operational characteristics**
- Strengths: Wide coverage, detailed business segmentation, many partners, large user base, and diverse payment channels.
- Cons: The process of recharging to the wallet can be cumbersome and all transactions between Paytm and the bank are handled through a proprietary security system, which can affect the user experience.
**4. Summary**
- Given Paytm's market share, extensive partner network and strong technical support from Alibaba, as well as its financial services co-operation, it is a top choice for partners. However, communication challenges may arise due to its deep partnership with Alipay.
**1. Market conditions**
- Backed by Sequoia Capital, GMO and MediaTek Ventures, India's second largest payment wallet with 40 million users has seen an increase in app downloads of 40% after the currency demonetisation policy was implemented.
- Second in number of users.
- IndusInd Bank has partnered with MobiKwik to launch a co-branded digital wallet product 'IndusInd Mobikwick' with 10 million users.
**2. Operational content**
- (Mobile Payment/Online Wallet) Shop online, pay utility bills and top up in the app shop.
**3. Operational characteristics**
- Focuses primarily on payment transfers; works with 17 Indian banks; supports international payments via VISA, MasterCard, American Express and Maestro.
**4. Summary**
- India's second largest mobile payments and e-commerce platform with a banking licence, established operator partnerships and diverse payment channels. Though industry partnerships are less than Paytm, they cover key companies. Currently acquired by Axis Bank for $60 million, the acquisition of FreeCharge and its user base may help Axis Bank's digital transformation.
**1. Market conditions**
- India's third largest third-party payment platform, licensed by the Reserve Bank of India for digital wallet services in 2013.
- FreeCharge has 30 million users, 30 million monthly transactions and 1 million daily transactions. Its market share grew from 17% to 30%.
**2. Operational content**
- (Mobile Payment/Online Wallet) Shop online, pay utility bills and top up in the app shop.
**3. Operational characteristics**
- Currently focusing on payment wallets.
**4. Summary**
- As a brand of Snapdeal, India's second largest e-commerce company, FreeCharge has a huge user traffic base.
**1. Market conditions**
- BHIM, launched by the National Payments Corporation of India (NPCI), is India's first government-promoted mobile wallet that could reshape the mobile payments market after the abolition of large banknotes.
- Currently only Android devices are supported with a maximum transaction limit of INR 200,000
- Supported by more than 30 Indian banks including State Bank of India, Central Bank and ICICI Bank, with more than 3 million downloads on Google Play shop.
**2. Operational content**
- (BHIM) a payment application that uses the Unified Payment Interface (UPI) for simple, convenient, and fast transactions; allows direct payments to any user with a UPI ID or scanning of a QR code; and the ability to send a payment request via a UPI ID. Unlike other payment apps that require a top-up to a wallet, BHIM allows direct bank transfers.
**3. Operational characteristics**
- Weaknesses: as a latecomer, it currently supports only Android and only Hindi and English, with plans to introduce localised language operating systems.
**4. Summary**
- Obtained a banking licence and cooperated with 64 banks at home and abroad. Despite being a latecomer, the user base is growing rapidly due to government support and high credibility. However, the threshold for cooperation is expected to be high.
**1. Market conditions**
- Flipkart, originally India's largest e-commerce platform, has expanded into financial services, raising about $4 billion from giants such as eBay, Microsoft, Tencent and Softbank.
- The first non-bank online mobile wallet with 100 million users and 100,000 merchants with millions of daily visits.
**2. Operational content**
- (Mobile Payment/Online Wallet) Payment for online shopping.
**3. Operational characteristics**
- Focuses on online shopping payments; merchants lock in a certain amount for cancelled or returned orders or gift cards.
**4. Summary**
- Originating from its own e-commerce platform, Flipkart's digital wallet has a strong user and merchant base, but is primarily designed for online shopping and has a narrower business scope.
**1. Market conditions**
- An ISO 9001:2015 and 27001:2013 certified company and India's largest payment solutions provider engaged in service aggregation and distribution, mobile and online payment processing and remittance services.Oxigen has a network of 200,000 retail outlets processing more than 2 billion transactions with an annual volume of 600 million transactions.
- Connected to mainstream telecom companies, major banks, utility companies, NPCI and UIDAI, it aims to be the leading provider of financial inclusion services in rural India.
**2. Operational content**
- Online payments, collections and remittances, credit lending and payment aggregation.
- Prepaid, postpaid and subscription services, including mobile transfers, top-ups, bill payments, ticketing and subscriptions, for multiple industries.
**3. Operational characteristics**
- Wide range of business and partnership areas; own prepaid card (authorised by VISA); extensive offline urban retail network coverage.
**4. Summary**
- Oxigen has extensive network connectivity, proven payment gateway technology and wide coverage. Its partnerships with well-known social media platforms increase user stickiness, while its own prepaid card brand and financial credit products attract users.
**1. Market conditions**
- Backed by Tencent, an Indian unicorn company similar to WeChat Wallet.
- Its Indian social app is ranked #1 in the app shop with over 100 million users and 5 million monthly online transactions.
**2. Operational content**
- User transfers (similar to red packet services), UPI payments, mobile top-ups.
**3. Operational characteristics**
- Provides UPI-based payment functionality.
**4. Summary**
- Originating as a social media app, this e-wallet app has a strong user base, but the type of business is still in the early stages of development and is relatively homogeneous.
English 
Chinese