🪙 Top 40 India Payment Systems — Overview

🪙 Top 40 India Payment Systems — Overview

1. Unified Payments Interface (UPI)

UPI is India’s flagship real-time payment system developed by NPCI in 2016. It allows users to transfer funds instantly using a virtual payment address without bank details. Supported by all major banks and apps like Google Pay, PhonePe, and Paytm, UPI handles over 10 billion transactions monthly. It’s the foundation of India’s digital economy and a model for global fintech ecosystems.

2. RuPay

RuPay, launched by NPCI in 2012, is India’s domestic card network created to reduce dependency on Visa and Mastercard. It offers debit, credit, and prepaid cards used across ATMs, POS, and online platforms. Accepted in over 190 countries through partnerships with Discover and JCB, RuPay promotes financial sovereignty and inclusion for millions of Indians.

3. IMPS (Immediate Payment Service)

IMPS enables 24/7 real-time interbank transfers through mobile, web, or ATMs. Introduced by NPCI in 2010, it revolutionized digital banking before UPI existed. With instant confirmation and strong security, IMPS remains a reliable backbone for India’s fintech and e-banking infrastructure.

4. NEFT (National Electronic Funds Transfer)

NEFT, managed by the Reserve Bank of India (RBI), allows bank-to-bank money transfers in half-hourly batches. Introduced in 2005, it’s ideal for scheduled or large-value payments. Now available 24/7, NEFT bridges traditional and modern banking systems across India.

5. BHIM (Bharat Interface for Money)

BHIM, launched by NPCI and the Indian government in 2016, is the official UPI app designed to make digital payments accessible to every citizen. It supports multiple banks and languages, emphasizing inclusion and simplicity for rural and urban India alike.

6. PhonePe

Founded in 2015 by Sameer Nigam, PhonePe is India’s top UPI app with over 400 million users. It offers bill payments, recharges, insurance, and investments. Backed by Walmart, it’s a cornerstone of India’s cashless revolution and expanding into international remittances.

7. Google Pay (Tez)

Launched as Tez in 2017 and later rebranded, Google Pay is a UPI-based platform providing seamless, reward-driven payments. It integrates deeply with India’s banking network and Google’s ecosystem, becoming one of the top three UPI players in India.

8. Paytm

Founded by Vijay Shekhar Sharma in 2010, Paytm is India’s first fintech super app. It offers wallet, UPI, banking, insurance, and stock trading. Backed by SoftBank and Alibaba, it has over 300 million users and drives digital adoption in Tier-2 and Tier-3 cities.

9. Amazon Pay India

Introduced in 2016, Amazon Pay extends the e-commerce giant’s reach into fintech. It integrates with Amazon India for one-click checkouts, UPI transfers, and bill payments. Amazon leverages its trust and customer base to promote digital convenience.

10. BharatPe

Founded in 2018, BharatPe empowers small merchants with UPI QR codes, loans, and POS systems. It has been crucial for offline digital adoption. BharatPe also introduced postpaid credit and merchant financing, backed by investors like Sequoia Capital and Tiger Global.

11. Razorpay

Founded in 2014, Razorpay is India’s leading B2B payments gateway. It enables online businesses to accept and manage payments via cards, UPI, and wallets. Razorpay also provides neobanking and payroll solutions, making it a full-stack fintech innovator.

12. Cashfree Payments

Founded in 2015, Cashfree focuses on bulk payouts, banking APIs, and cross-border transfers. It’s trusted by enterprises like Zomato and Cred. With simple API integration, it powers seamless transactions for startups and corporates across India.

13. CRED

Founded by Kunal Shah in 2018, CRED rewards users for paying credit card bills. It evolved into a fintech ecosystem offering credit scores, loans, and rewards. CRED blends gamification with finance, catering to India’s premium urban audience.

14. MobiKwik

Founded in 2009, MobiKwik was India’s early digital wallet pioneer. It now offers UPI, BNPL (Buy Now, Pay Later), and credit services. Focused on financial empowerment, it serves over 120 million users and 3 million merchants.

15. PayU India

PayU, part of Prosus (Naspers), operates one of India’s largest payment gateways. It serves merchants with UPI, cards, and recurring billing options. PayU simplifies online commerce and supports cross-border digital transactions.

16. Freecharge

Acquired by Axis Bank, Freecharge began in 2010 as a mobile recharge platform. It now supports UPI and bill payments. Despite tough competition, it maintains a niche among younger users with cashback-based engagement.

17. NPCI Bharat BillPay

Bharat BillPay, powered by NPCI, is a unified bill payment platform covering utilities, DTH, and telecoms. It provides a standardized and secure system to pay bills across India, ensuring transparency and convenience.

18. Pine Labs

Founded in 1998, Pine Labs is a leader in merchant POS and payment solutions. It powers in-store payments, EMIs, and gift cards across India and Southeast Asia. Backed by Sequoia and Mastercard, Pine Labs bridges physical and digital commerce.

19. BillDesk

Founded in 2000, BillDesk was India’s original payment gateway and bill aggregator. Acquired by PayU in 2021, it remains a foundational player in utility and government payments. It laid the groundwork for India’s online payment culture.

20. Juspay

Founded in 2012, Juspay provides payment orchestration infrastructure for apps like Swiggy and Amazon. It ensures fast, secure checkouts with a focus on reducing transaction failures. Its “express checkout” API powers millions of daily transactions.

21. AePS (Aadhaar Enabled Payment System)

AePS allows bank transactions using Aadhaar biometrics. Managed by NPCI, it enables cash withdrawals, deposits, and balance checks through micro-ATMs in rural areas, supporting India’s financial inclusion mission.

22. RuPay Credit on UPI

Introduced in 2023, RuPay Credit on UPI merges credit cards with the UPI ecosystem, allowing users to “tap now, pay later” seamlessly. It’s a significant innovation bridging traditional credit with modern instant payments.

23. FASTag / NETC

FASTag, powered by NPCI’s NETC system, enables toll payments via RFID tags linked to prepaid or UPI accounts. It eliminates traffic delays and cash handling on highways, driving India’s cashless mobility initiative.

24. NACH

NACH (National Automated Clearing House) handles large-volume recurring payments like salaries, subsidies, and EMIs. Managed by NPCI, it ensures reliability and automation for institutions and corporates across India.

25. YONO by SBI

YONO (You Only Need One) is State Bank of India’s super app, integrating banking, investments, and shopping. It represents SBI’s digital transformation, targeting both retail and corporate users.

26. Kotak 811

Launched by Kotak Mahindra Bank, 811 is India’s first fully digital savings account platform. It simplifies onboarding with e-KYC and UPI integration, appealing to young, tech-savvy customers.

27. Axis Bank Open APIs

Axis Bank’s Open APIs allow fintech startups to integrate secure banking features into apps. It powers payment solutions behind-the-scenes for hundreds of partners in India’s growing fintech ecosystem.

28. HDFC PayZapp

PayZapp by HDFC Bank is a digital wallet app for payments, shopping, and recharges. It bridges HDFC’s strong retail base with UPI and mobile-first innovation, enhancing digital convenience.

29. ICICI iMobile Pay

ICICI Bank’s iMobile Pay enables banking, bill payments, and UPI for both ICICI and non-customers. It merges traditional banking with the flexibility of UPI-powered apps.

30. Federal Bank FedMobile

FedMobile is Federal Bank’s mobile banking solution offering 24/7 UPI, bill pay, and fund transfer features. It represents the digital-first approach of private banks to stay competitive in the fintech era.

31. Yes Bank UPI Stack

Yes Bank provides the UPI infrastructure for many fintech players like PhonePe and BharatPe. Despite past setbacks, it remains vital to India’s fintech backbone through its developer-friendly APIs.

32. Slice

Founded in 2016, Slice is a credit-focused fintech providing simplified BNPL cards for young professionals. It combines rewards, flexible repayment, and credit building with modern app design.

33. OneCard

OneCard offers a sleek, app-controlled metal credit card for digital-first users. With transparent fees and full app control, it targets millennials seeking flexibility and financial transparency.

34. Fi Money

Backed by GPay alumni, Fi blends AI with banking to offer smart insights, automated savings, and UPI payments. It’s designed for India’s urban professionals seeking financial clarity.

35. Jupiter Money

Founded in 2019, Jupiter offers neobanking with instant UPI, debit cards, and expense tracking. It connects directly to RBI-regulated banks, creating a seamless mobile banking experience.

36. Niyo Money

Niyo combines travel cards, salary accounts, and wealth management in one app. With global partnerships, it focuses on cross-border professionals and frequent travelers.

37. Uni Pay 1/3rd Card

Uni’s Pay 1/3rd Card allows customers to split purchases into three parts at zero cost. It’s a popular BNPL (Buy Now, Pay Later) model catering to India’s young spenders.

38. PhonePe Pulse & Wallet

PhonePe Pulse visualizes India’s payment data with insights and trends. Its wallet complements UPI for instant offline and online transactions, creating a complete ecosystem for users and merchants.

39. Easebuzz

Easebuzz offers B2B payment infrastructure for SMEs, enabling online collections, invoicing, and subscription billing. It empowers small businesses to go digital efficiently and affordably.

40. Simpl

Simpl provides one-tap checkout across Indian e-commerce platforms. Acting like a micro-credit system, it allows users to buy now and pay later without traditional credit cards.

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💬 Conclusion

India’s payment ecosystem is a global benchmark for digital transformation. From UPI and RuPay to fintechs like Razorpay and CRED, these systems bridge inclusivity, innovation, and accessibility. Together, they power over 15 billion monthly transactions, transforming India into a cashless, mobile-first economy. The blend of government-backed infrastructure and private fintech innovation makes India the world’s most dynamic digital payment market. 🚀🇮🇳