In India, the local payment ecosystem has developed unique products that cater to the specific needs of Indian consumers. One of the most prominent examples is the Unified Payments Interface （UPI）, which has revolutionized digital transactions across the country.
Another significant local product is the RuPay card scheme, developed by the National Payments Corporation of India （NPCI）. This domestic card network competes with international payment processors and has gained substantial market share due to government support and lower transaction fees.
The Bharat Bill Payment System （BBPS） is another innovative product that provides an integrated bill payment platform for recurring payments such as utilities, insurance, and education fees. This system has standardized bill payments across India and made the process more convenient for consumers.
Mobile wallets like Paytm, PhonePe, and Google Pay have also become integral to the Indian digital payment landscape, offering features tailored to local preferences such as QR code payments and instant bank transfers. |
