Payment methods in India

Asia

15methods

20banks

Already worth US$81 billion in 2023, the value of the Indian e-commerce market will rise to US$137 billion by 2027.

Market takeaways

Already worth US$81 billion in 2023, the value of the Indian e-commerce market will rise to US$137 billion by 2027.
Each year Indians buy more than US$20 billion worth of goods and services from e-commerce merchants in other countries.
Indians use cards in just 23% of online transactions and cash in only 5%. The remaining 72% they pay for with digital payment methods.
Indians use mobile devices to complete just under two thirds of all online transactions, making mobile optimization vital for success.
Popular payment methods in India include PayTM, Amazon Pay, Google Pay and the central bank's UPI payment method.

Population

1.423B

Online population

846.7M

B2C e-commerce

$88B

Banked population

83%

Credit card population

E-commerce of total retail

Payment method breakdown

Card23%
Cash5%
Bank Transfer15%
E-Wallet50%
Other7%

Card scheme breakdown

Visa48%
Mastercard28%
American Express1%
Local schemes22%
Other0%

Cross-border e-commerce

Cross-border shoppers

Share of e-commerce

29%

Cross-border value (est.)

$21B

Featured payment methods in India

All payment methods available in this market, sorted by prominence.

Bharat QR

Interoperable QR standard linking Visa, Mastercard, RuPay and UPI for scan-to-pay at merchants and online. Operator: National Payments Corporation of India (NPCI) / card networks. Est. users: Tens of millions of users (2024).

CRED

Members-only app for credit-card bill payments and UPI that also offers CRED Pay checkout at online merchants. Operator: Dreamplug Technologies Pvt Ltd. Est. users: 12 million+ members (2025).

IMPS (Immediate Payment Service)

24x7 instant inter-bank funds-transfer service usable for online payments via bank apps and net banking. Operator: National Payments Corporation of India (NPCI). Est. users: Hundreds of millions of users (2025).

MobiKwik

Indian prepaid wallet and UPI app, one of the largest by prepaid wallet transaction value, accepted at online checkout. Operator: One MobiKwik Systems Ltd. Est. users: 160 million+ registered users (2025).

NEFT (National Electronic Funds Transfer)

RBI-operated 24x7 batch electronic funds transfer used widely for online and net-banking payments across India. Operator: Reserve Bank of India (RBI). Est. users: Hundreds of millions of users (2025).

Amazon Pay

Lets shoppers use their stored Amazon account credentials and payment methods to check out on third-party sites. Operator: Amazon Japan G.K.. Est. users: Tens of millions of users (2024).

UPI (Unified Payments Interface)

Interoperable instant inter-bank payment rail underpinning most of India's retail digital payments, accessible via many consumer apps at online checkout. Operator: National Payments Corporation of India (NPCI). Est. users: 450 million+ users (2025).

BHIM

NPCI's reference UPI app for direct bank-to-bank payments by phone number or QR, usable at online checkouts via UPI. Operator: National Payments Corporation of India (NPCI). Est. users: 128 million+ active users (2025).

Paytm

Major Indian payments app offering a prepaid wallet plus UPI, accepted across e-commerce checkouts. Operator: One97 Communications Ltd. Est. users: 300 million+ users (2025).

PhonePe

India's largest UPI app by volume, handling roughly 45% of UPI transactions and widely accepted at online checkout. Operator: PhonePe Private Limited (Walmart-backed). Est. users: 500 million+ registered users (2025).

Freecharge

Axis Bank-owned digital payments and wallet app for recharges, bills and online purchases. Operator: Freecharge Payment Technologies (Axis Bank). Est. users: 50 million+ users (2024).

BNPL (Inbank, Citadele / others)

Buy Now Pay Later is growing in Latvia at 5.03% CAGR to 2031. Inbank (Estonian-origin) and local banks offer installment credit solutions integrated into e-commerce checkouts.

BNPL (Klarna / others)

Buy Now Pay Later is the fastest-growing payment segment at 8.59% CAGR to 2030, particularly among younger and expatriate shoppers. Helping merchants improve conversion by offering flexible payment terms.

BNPL (Klarna / local providers)

Buy Now Pay Later expanding rapidly in Romanian e-commerce, offering installment payment options and boosting conversion rates. Growing alongside increasing consumer comfort with credit-based digital products.

BNPL (Buy Now, Pay Later)

Installment and deferred payment services — led by Klarna — that allow consumers to pay for purchases in instalments or at a later date. Has seen explosive growth across Germany over the past five years.

Featured banks in India

All banks operating in this market, sorted by prominence.

HSBC Holdings

London, United Kingdom

HSBC is one of the world's largest banks by assets, headquartered in London with a dominant presence in Asia. It offers retail, commercial, and investment banking in over 60 countries.

JPMorgan Chase

New York, United States

JPMorgan Chase is the largest US bank and one of the world's largest financial institutions, offering consumer banking, investment banking, commercial banking, and asset management globally.

DBS Bank

Singapore

DBS Bank is Singapore's largest bank and Southeast Asia's leading bank, recognised globally for its digital innovation and strong retail, SME, and corporate banking.

OCBC Bank

Singapore

OCBC Bank is Singapore's second-largest bank, offering retail, commercial, investment, and Islamic banking through Bank OCBC Al-Amin in Malaysia.

HDFC Bank

Mumbai, India

HDFC Bank is India's largest private sector bank by assets, known for its digital banking platform, retail, SME, and corporate banking.

Citigroup (Citi)

New York, United States

Citigroup (Citi) is a global diversified financial services holding company, operating in 160+ countries. It is known for its institutional banking, treasury services, and consumer banking across emerging markets.

ANZ Banking Group

Melbourne, Australia

ANZ is Australia's third-largest bank, with a strong institutional banking franchise and significant presence across Asia-Pacific and New Zealand.

State Bank of India (SBI)

Mumbai, India

State Bank of India is India's largest bank by assets, deposits, and branches, a state-owned institution offering retail, SME, corporate, and international banking.

ICICI Bank

Mumbai, India

ICICI Bank is India's second-largest private sector bank, offering retail, SME, corporate, and investment banking services.

First Abu Dhabi Bank (FAB)

Abu Dhabi, UAE

FAB (First Abu Dhabi Bank) is the UAE's largest bank and one of the largest in the Middle East, formed from the 2017 merger of FGB and NBAD.

Emirates NBD

Dubai, UAE

Emirates NBD is Dubai's largest bank, offering retail, SME, corporate, and private banking with a strong regional and global presence.

Standard Chartered

London, United Kingdom

Standard Chartered is a British multinational bank focused on Asia, Africa, and the Middle East. Headquartered in London, it operates in over 50 markets providing corporate and retail banking.

Barclays

London, United Kingdom

Barclays is a British multinational investment bank and financial services company, operating retail banking in the UK and Ireland, and investment banking globally through Barclays Bank.

Abu Dhabi Commercial Bank (ADCB)

Abu Dhabi, UAE

ADCB is Abu Dhabi's second-largest bank, offering retail, SME, corporate, and private banking. It absorbed Union National Bank and Al Hilal Bank in 2020.