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India is en-route to become a cashless economy, which made it possible for cutting-edge businesses to develop safe and effective payment solutions. Indian businesses are using this trend to revolutionise payments in light of the government’s push for digital payments and the rising number of smartphone users in the nation. 

UPI (United Payments Interface) has attracted attention worldwide as an example of India’s interest and experience with technological solutions to pressing policy issues. It has also become a case study for other countries looking to develop an effective, straightforward, and scalable real-time payment system.

Meanwhile—compared to their urban counterparts—people in rural and semi-urban areas exhibit a weaker predisposition to embrace technology because of low levels of digital literacy. These are some key startups in the country working on payments-related solutions.

Paytm -Over the years, this fintech has gained widespread recognition in India. Users of the company’s mobile wallet service can quickly send money to friends and family, pay bills, and conduct cashless transactions. Along with this service expansion, Paytm also offers users debit cards and savings accounts through its Paytm Payments Bank.

Razorpay – While it is the latest entrant in the space, Razorpay is causing a stir in the payments sector. Businesses can take online payments through a variety of channels, including credit cards, debit cards, and net banking, through the company’s payment gateway. For businesses to manage payments, Razorpay also offers a range of tools like subscription billing and payment links.

BharatPe – This firm offers small companies a QR-based payment solution. Without a card reader, the company’s app enables retailers to take payments from customers using any UPI app or credit or debit cards. Small businesses can also apply for loans from BharatPe based on past transactions.

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PhonePe – Of the many fintech working on payments in India, one such business is PhonePe, which provides payment software that enables customers to send money instantaneously, recharge their phones, and pay bills. A variety of financial goods are also available through PhonePe, including insurance, mutual funds, and gold investments.