Payment Gateway India - Explore Payment Methods in India: What are the common payment systems in India?

The payment system in India has undergone rapid growth and changes in the last few years, here are some of the common payment methods in India:

1. **Cash payments**: Despite the growth of electronic payments, cash payments are still the most prevalent method of payment in India, especially among rural and small merchants.

2. **Bank transfer**:

- **NEFT (National Electronic Funds Transfer)**: a national electronic funds transfer system that allows instantaneous transfers between bank accounts.

- **RTGS (Real Time Gross Settlement)**: Real Time Gross Settlement System, which is suitable for large transactions and is also instantaneous.

3. **Mobile payments**:

- **Paytm**: India's largest mobile payment and e-wallet platform that allows users to transfer money, recharge, pay bills, etc. from their mobile phones.

- **Google Pay**: a payment application launched by Google that allows users to transfer money and make payments through UPI (Unified Payment Interface).

- **PhonePe**: Flipkart's payment platform that also supports UPI payments.

4. **Unified Payments Interface (UPI)**: a payment system introduced by the Reserve Bank of India that allows users to transfer money instantly through a mobile phone application without knowing the other party's bank account details.

5. **Credit and debit cards**: The use of credit and debit cards is also gradually increasing in India, especially in urban areas.

6. **Electronic purse**:

- **MobiKwik**: provides an e-wallet service where users can store funds and use them for payments.

- **FreeCharge**: another popular e-wallet that offers functions such as top-ups and bill payments.

7. **Payment by cheque**: Although the frequency of its use is declining, payment by cheque still exists for certain commercial transactions.

8. **imps (Immediate Payment Service)**: Immediate Payment Service, which allows for instantaneous transfers between bank accounts, similar to NEFT but simpler to operate.

9. **Aadhaar Payments**: Payments are made through biometrics using the Aadhaar identification number of Indian citizens.

10. **Internet Banking Payments**: transfers and payments are made through internet banking for users with an internet connection.

The popularity of these payment methods in India varies by region, population and type of transaction. With the Government of India's push for digitisation and financial inclusion, electronic payment methods are gradually becoming more mainstream.