Payment methods in India

Asia

2methods

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

Popular options based on coverage and prominence in this market.

BNPL (Buy Now, Pay Later)

Services like Klarna that allow consumers to pay for purchases in installments or at a later date, gaining explosive growth across Europe, particularly in the Nordics and Germany.

UPI (Unified Payments Interface)

India's leading real-time payment network, enabling transactions through popular apps like Google Pay, PhonePe, and Paytm. It is a government-backed system with low to no transaction fees for end-users. Flow: Customer enters UPI ID or scans QR, authenticates in their UPI app (PIN/biometric), instant account-to-account payment confirmation returns.

All payment methods in India

Discover 2 payment methods from around the world

Showing 2 of 2 payment methods

UPI (Unified Payments Interface)

BNPL (Buy Now, Pay Later)

Featured banks in India

Major institutions operating in this market.

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.