Payment in India Industry Overview
The Indian payments market appears to be moderately consolidated as few of the players currently dominate the payments market. Major players in the Indian payments market are offering well-developed digital payments solutions, adopting strategies like acquisitions and partnerships to expand their reach to more consumers in the region. Some of the major companies in the payments market are Visa Inc., Mastercard Inc., Phonepe Pvt Ltd. (Flipkart Internet Pvt Ltd), Google pay (Google LLC), and Rupay.
- March 2022 - Fintech unicorn Razorpay announced its acquisition of IZealiant Technologies, a leading Fintech startup that provides payments technology solutions for banks, for an undisclosed amount. The acquisition of IZealiant will further strengthen Razorpay's banking solutions arm, helping it to build innovative payment banking technologies for partner banks.
- March 2022 - HDFC Bank announced refurbishing its PayZapp app and launching it as a complete payments app called PayZapp 2.0 on the latest digital technology platform. The bank believes this app will leverage its existing strengths, such as its 60-million-strong debit and credit card franchise. Unlike its earlier version, PayZapp 2.0 will have Unified Payments Interface payments enabled. It will include a range of payment options, including modes like tap and pay to transact at all merchant establishments with the required enablement.
- May 2022 - India's one of the largest private lenders, HDFC Bank, plans to launch a digital platform for merchants between June and September, which will allow them to accept online and offline payments on the lines of China's Alipay. It will enable a small Kirana store to be the local Amazon for its catchment area.
Payment in India Market Leaders
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Visa Inc.
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Mastercard Inc.
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PhonePe Pvt Ltd. (Flipkart Internet Pvt Ltd)
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Google pay (Google LLC)
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Rupay
- *Disclaimer: Major Players sorted in no particular order
