CCAvenue Payment Gateway: India - Mainstream Payment Methods Explained!

India, the world's fifth-largest economy, has a diverse range of domestic payment options based on its large population base. Additionally, India has the largest youth population in the world, with 75% of its residents using mobile wallets for transactions.

The evolution of India's payment system has gone through several key points: in 2014, the government committed to providing banking services to all citizens. By 2015, the focus shifted to digitising Indian society and economy.In 2016, the Unified Payments Interface (UPI) was launched, integrating QR code technology, while high denomination currency notes were abolished.In 2018, Aadhaar, a 12-digit random number issued by India's sole identification agency, became the all-Indian citizen's with a unique identification code.

The current popular payment terms in India include BHIM, BharatQR, Rupay, NEFT, NFS, RTGS, IMPS, NPCI, Aadhaar, e-wallet, net banking, BBPS and UPI.

Payment entities in India fall into three categories: non-bank payment entities such as PhonePe, Mobikwik, freecharge and Flipkart; national payment entities, including the National Payments Corporation of India (NPCI), which provides unified payment platforms such as BharatQR, UPI, and IMPS, as well as the BHIM e-wallet; and bank payment entities, which encompasses a number of state-owned and international joint venture banks, including the Reserve Bank of India (RBI).

Current payment gateways and programmes in India include Paytm, Cashfree, Razorpay, Mobikwik, Freecharge, BHIM, Flipkart, Oxigen, Hike, Mpruse, PMCB MobilePay, BHIM Bandhan UPI, Spice Money Payments-Aadhaar Pay, mPOS and UPI, KVB TOGGLE, Free Money-Hike Wallet, Way2Money-HakunaMatata Your money simplified, Cent Digi Pay, Reliance Money, RElectricity Bill Payment, Payment Credit Card Bill Pay, GramPayB2B, Online Credit Card Bill Payment-All Bank, SIB Bharat QR Merchant App, AV RECHARGE, GKM Freedom Card-Advanced Payment System, SaralPay, mada Pay, GO PAY-CREDIT CARD PAYMENT INSTANTLY, Trriple mWallet-The Best Mobile Payment Solution and Canara Bank Mobile Banking.

The Indian payments space is experiencing a boom in diversity and competition in the mobile payments market. The current goal is to reduce leakages in social security distribution and significantly reduce tax evasion. Interventions include abolishing banknotes, increasing mobile penetration and simplifying electronic payments.

Source: Xiyunda