There are over 50 third-party applications that are operational under the UPI system. It is just like having a digital wallet on your phone.ĭigital payments are a fast-growing industry in India. These digital payment apps are rapidly replacing the traditional way of payment methods such as checks, credit cards, debit cards, etc.īefore we list the best digital payment apps in India, here is the definition of a payment app.Ī payment app or a mobile wallet is a mobile application that allows you to store your debit or credit card information that can be used to pay for goods and services in digital money instead of using physical cards or cash and also send money online to friends, family, or merchants in an instant. The growth is also propelled by increased mobile usage and mobile internet connectivity along with the drive to use cashless transactions, mobile payment apps, and mobile wallets. India witnessed the maximum number of digital transactions in 2020 with 25.5 billion digital transactions, followed by China with 15.7 billion transactions. The pandemic undoubtedly pushed more and more Indians to adopt cashless transactions. Thanks to the Indian Government's "Digital India" initiative, Indians were already moving towards digital payment systems even before the Coronavirus pandemic hit. The implementation of the Unified Payment Interface (UPI) by the National Payments Corporation of India has led several Indian banks and other third-party companies to introduce UPI-enabled mobile payment apps allowing users to send and receive money between UPI-linked bank accounts.
The payments industry has undergone a massive transformation in recent years. The number of smartphone users in India has now reached 54% of the population and it is estimated to reach 96% in 2040.
By 2040, this could become around 1.5 billion users.
India has the second-largest internet population with over 749 million users as of 2020, of which 744 million users have internet access through their mobile phones.
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