UPI

India’s UPI payment system, launched in 2016, allows users to transfer money directly from one bank account to another in real time, and today is used by around 260 million people within the country of 1.4 billion.

The system integrates with over 300 banks and is available through more than 60 apps, such as Google Pay, and Paytm, a popular payment app in India.

Paytm

Paytm, India’s largest mobile payment and commerce platform, the world’s fourth largest wallet; AliPay technical support; has established cooperation with more than 180 domestic and foreign banks and VISA, MasterCard international card organisations, etc., and has become a regular cooperation platform for financial institutions in the field of e-payment, with 450 million real-name users; e-commerce, payment bank and online payment are involved in The company’s online payment services include mobile phone top-ups for online shopping, payment of water, electricity, telephone, oil and gas bills, metro card top-ups, municipal replenishment, motorway payment, app shop top-ups, credit and finance, and ticket booking, each of which has a partnership with a major player in the industry. For online functions, users can use Paytm to recharge phone bills, pay living bills, fund transfers, buy goods and tickets online, etc.; 2) For offline functions, users can complete payments at petrol stations, street shops and retail chains.

Mobikwik

Sequoia Capital, GMO, Lianfa invested, India’s second largest payment wallet with 40 million users and a 40% increase in daily app downloads after the demonetisation policy. IndusIndBank, India’s homegrown bank with 10 million users, announced that it has entered into a partnership with MobiKwik to launch a co-branded digital wallet product, ‘IndusInd Mobikwik’ (mobile payment/online wallet) for online shopping, utility bill payments, app shop Recharge. Has obtained a banking licence; operator cooperation is mature, more payment channels, other industry institutions cooperation volume is not as much as Paytm, but the major companies have coverage.

Freecharge

India’s third largest third-party payment platform, which has been licensed by the Reserve Bank of India, India’s central bank, to provide digital wallet services in 2013; FreeCharge has a user base of 30 million people, with 30 million transactions per month and 1 million transactions per day.FreeCharge’s business is focused on Online shopping for mobile payments/online wallets, utility bill payments, app shop recharges

BHIM Bandhan UPI

BHIM Bandhan UPI is designed to enable fast, secure and reliable cashless payments through mobile phones. The application is interoperable with other Unified Payment Interface (UPI) applications and bank accounts for instant online fund transfers. Users can seamlessly add accounts from different banks, make and receive payments via Virtual Payment Address (VPA), check balances, generate QR codes and more.