India
Has Rapidly Transformed Its Cash System Into A Vibrant Digital Ecosystem
Creating New Business Opportunities Driven By Innovation
In emerging markets, payment risks are complex and evolving. PayFuture’s Fraud Risk Management uses AI-driven technology and multi-layered security to monitor transactions, helping businesses operate confidently across diverse regions.
- Internet bank Transfer Processing system.
- Access to 70+ banks in india for deposits and payouts
- Mobile Payments system.
- Most popular payment system in india
- Support all major cities in india.
- Collect deposits and payouts cashapp to USD 100K
- Credit Cards and Debit Cards
Key Factors Driving Growth
India has quickly changed its cash economy to a digital ecosystem,
opening avenues for new innovative business opportunities.
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showcasing a strong shift toward digital transactions
million users, placing India as the second-largest online market globally
mobile payment transactions in India worth $2.4 trillion, exceeding the U.S.’s 15 billion transactions worth $939 billion
Unified Payments Interface (UPI): Launched in 2016 by the National Payments Corporation of India (NPCI). UPI has been the game-changer in simplifying digital transactions and promoting financial inclusion.
91% of Indian consumers had a mobile wallet in 2023. The younger generation is increasingly preferring cashless methods like UPI and digital wallets.
India’s Digital Payment Revolution
Expanding into India means looking for payment alternatives that go beyond cards. Online businesses may face challenges establishing cashless transactions during their initial establishment in the Indian market and when trying to attract clients. The government's efforts to reduce the circulation of high-value currency and promote digital payment systems had increased: digital payments grew by 309% from 2017 to 2021. India's favourite is the Unified Payments Interface (UPI), a digital wallet expected to account for one out of every four purchases in e-commerce by 2026. Launched in 2016, UPI allows anyone with a bank account in India to purchase goods using mobile devices. The innovative payment system has revolutionised digital payments in Southeast Asia by providing local users with accessible, efficient, and affordable payment solutions in real time.