Digital payments.

 The Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of professed role of Digital India.

A Unified Payment Interface (UPI) is a smartphone application that allows users to transfer money between bank accounts. It is a single-window mobile payment system developed by the National Payments Corporation of India (NPCI).

As part of promoting cashless transactions and converting India into less-cash society, various modes of digital payments are available.

A digital payment, sometimes called an electronic payment, is the transfer of value from one payment account to another using a digital device such as a mobile phone, POS (Point of Sales) or computer, a digital channel communications such as mobile wireless data or SWIFT (Society for the Worldwide Interbank Financial .

Unified Payments Interface (UPI), the flagship payments platform of the National Payments Corporation of India (NPCI), made a record in volume and value of transactions in July as digital payments rise in the pandemic. ... UPI was launched in 2016 and crossed 1 billion transactions for the first time in October 2019.

There are various types and modes of digital payments. Some of these include the use of debit/credit cards, internet banking, mobile wallets, digital payment apps, Unified Payments Interface (UPI) service, Unstructured Supplementary Service Data (USSD), Bank prepaid cards, mobile banking, etc.

The top three payment methods consists of cards (MasterCard, VISA, American Express, RuPay (local debit card)), netbanking (online bank transfers, UPI) and wallet payments (e.g. Paytm, Freecharge). Indian shoppers like to pay with monthly installments.

Promoted by the National Payments Corporation of India (NPCI), UPI does not need an additional KYC as it is linked to bank accounts.Banks, through their apps, are sending notifications to their customers about the usage of UPI.

In relation to UPI Payment Transactions, Google Pay is a TPAP authorised by NPCI to facilitate Payment Transactions through HDFC Bank, Axis Bank, ICICI Bank and State Bank of India. We are a service provider and participate in UPI through PSP Banks.

The NEFT (National Electronic Fund Transfer), RTGS (Real Time Gross Settlement) charges imposed as the cost to transfer money from one account to another were scrapped off. ... Digital Payment Systems for Banking like NEFT, RTGS, and MTSS are going to occupy the largest part of transactions.

Cards are currently the most-used payment method for online shopping in India, representing 29 percent of transactions, or $10.6 billion in sales. This is despite the fact that on a national scale card penetration is low, at 0.64 per capita for debit cards and 0.02 for credit cards.

Check out our broad comparison to see which app is the best one for you. Features: Google Pay, PhonePe, and Paytm all offer UPI payment method. If we look at the adoption, PhonePe had the most number of UPI transactions in September 2021 (1,653.19 mn), followed by Google Pay (1,294.56 mn) and Paytm (462.71 mn).