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Mobile payments in India

Mobile payments is a mode of payment using mobile phones. Instead of using methods like cash, cheque, and credit card, a customer can use a mobile phone to transfer money or to pay for goods and services. A customer can transfer money or pay for goods and services by sending an SMS, using a Java application over GPRS, a WAP service, over IVR or other mobile communication technologies. In India, this service is bank-led.[1] Customers wishing to avail themselves of this service will have to register with banks which provide this service. Currently, this service is being offered by several major banks and is expected to grow further.[2] Mobile Payment Forum of India (MPFI) is the umbrella organisation which is responsible for deploying mobile payments in India.[3]

India is the world's largest-growing mobile payments market.[4] Mobile payment surpassed credit card transactions in 2021, clocking an annual value greater than $1 trillion.[5]

  1. ^ "Reserve Bank of India - Database".
  2. ^ "Archived copy" (PDF). Archived from the original (PDF) on 2010-12-14. Retrieved 2010-12-10.{{cite web}}: CS1 maint: archived copy as title (link)
  3. ^ "Mpfi - About Us". Archived from the original on 2011-07-21. Retrieved 2010-12-10.
  4. ^ "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 2018-04-17.
  5. ^ "Mobile payments surpass credit cards in 2021: Report". Businessline. 2021-10-28. Retrieved 2021-10-29.

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