{"id":6550,"date":"2019-09-12T16:48:13","date_gmt":"2019-09-12T11:18:13","guid":{"rendered":"https:\/\/blog.payumoney.com\/?p=6550"},"modified":"2020-06-01T21:30:09","modified_gmt":"2020-06-01T16:00:09","slug":"evolution-of-payment-modes-in-india","status":"publish","type":"post","link":"https:\/\/payu.in\/blog\/evolution-of-payment-modes-in-india\/","title":{"rendered":"The Evolution of Payment Modes in India"},"content":{"rendered":"\n<p>From credit cards to one-click payments, we have made a significant advancement in how payments are done in the last few years. Gone are the days when you always had to carry cash in your wallet. India is growing to be a \u201ccash-less economy\u201d with the rising fintech adoption.  <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Pre-Internet Era<\/strong><\/h2>\n\n\n\n<p style=\"text-align:left\">In the pre-internet era, electronic payments, especially credit and debit cards, became one of the most dominant forms of non-cash payments. <a rel=\"noreferrer nofollow noopener\" href=\"https:\/\/en.wikipedia.org\/wiki\/Central_Bank_of_India\" target=\"_blank\">Credit card<\/a> was introduced by the Central bank of India in 1980 in association with Visa and Master Card. The retailers and the consumers adopted it quickly and as an easy way of making payments.  <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"621\" height=\"414\" src=\"\/wp-content\/uploads\/2019\/09\/CBI.jpg\" alt=\"Central_Bank_Of_India\" class=\"wp-image-6551\" srcset=\"https:\/\/payu.in\/blog\/wp-content\/uploads\/2019\/09\/CBI.jpg 621w, https:\/\/payu.in\/blog\/wp-content\/uploads\/2019\/09\/CBI-300x200.jpg 300w\" sizes=\"(max-width: 621px) 100vw, 621px\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Internet is Here!<\/strong><\/h2>\n\n\n\n<p style=\"text-align:left\"><a rel=\"noreferrer nofollow noopener\" href=\"https:\/\/www.financialexpress.com\/industry\/technology\/22nd-anniversary-of-internet-in-india-you-wont-believe-the-huge-amount-of-money-people-had-to-pay-back-in-those-days\/810637\/\" target=\"_blank\">Internet was started in India by VSNL LIMITED<\/a> with an average speed of 9.6 Kbit\/s in 1995. The speed later increased to 33.4kbit\/s,\u202f<strong>with 14 lakh Indian users.<\/strong>\u202fWith the arrival of the internet in the mid-90s, it brought in a new kind of boom with people selling their products and service online, known as \u201cE-commerce\u201d.<\/p>\n\n\n\n<p>In 1999, <a rel=\"noreferrer nofollow noopener\" href=\"https:\/\/en.wikipedia.org\/wiki\/Indiaplaza\" target=\"_blank\">Indiaplaza.com<\/a> launched India\u2019s first e-commerce website. However, with the coming of e-commerce businesses, it demanded a new payment system, an online system that can be used by the consumers easily.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Technology Brings Change <\/strong><\/h2>\n\n\n\n<p style=\"text-align:left\">India\u2019s first-ever payment aggregator \u201c<a rel=\"noreferrer noopener nofollow\" href=\"https:\/\/en.wikipedia.org\/wiki\/BillDesk\" target=\"_blank\">BILLDESK<\/a>\u201d launched its operations in India, in 2000. However, we still felt a need for creating an online payment system that focused on the needs of the merchants as well as consumers as the online business was growing!<\/p>\n\n\n\n<p>In 2007, a startup called <a rel=\"noreferrer nofollow noopener\" href=\"https:\/\/en.wikipedia.org\/wiki\/Flipkart\" target=\"_blank\">Flipkart<\/a> opened online for business. Flipkart changed the way people shopped online by giving all products and services in one place. And as e-commerce business grew, the need for integrating a secure and reliable payment gateway on the website grew too. Payment gateways help in transactions between merchants and their consumers, quickly and safely. The payments are done in one click and all the information is encrypted and tokenized.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p><strong>With the launch of <a href=\"https:\/\/payu.in\/?utm_source=google&amp;utm_medium=organic&amp;utm_campaign=internal&amp;utm_content=The%20Evolution%20of%20Payment%20Modes%20in%20India\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">PAYU PAYMENTS<\/a> in India in 2011, we saw an increase in the number of online transactions day by day. <\/strong><\/p><\/blockquote>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"275\" height=\"1024\" src=\"\/wp-content\/uploads\/2019\/09\/Evolution-of-payment-modes-275x1024.jpg\" alt=\"\" class=\"wp-image-7173\"\/><\/figure><\/div>\n\n\n\n<p>The turning point came in 2016 with the <a rel=\"noreferrer nofollow noopener\" href=\"https:\/\/en.wikipedia.org\/wiki\/Unified_Payments_Interface\" target=\"_blank\">launch of UPI<\/a> \u2013 Unified Payment Interface, by the Govt of India and NPCI. It did not take much time for UPI to gain adoption by the people. UPI transactions saw an increase year after year. <\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p><strong>Seeing its utility and ease of transaction, payment gateways did not take much time to integrate UPI in their system as an additional payment option to be offered to customers. It was this time that payment gateways flourished. For instance, PayU not only provided a payment gateway for transactions with all payment options but also a powerful dashboard with which merchant could track &amp; manage their transactions. <\/strong><\/p><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Choices Galore!<\/strong><\/h2>\n\n\n\n<p>Today, anyone who is running a business online or offline has multiple payment solution providers to choose from. But with PayU, the choice must not be difficult. Even if they don\u2019t have a website, they can collect payments by sharing PayU payment links with their customers via msg, <a href=\"\/five-ways-to-improve-emailers-for-your-business\/?utm_source=google&amp;utm_medium=organic&amp;utm_campaign=internal&amp;utm_content=The%20Evolution%20of%20Payment%20Modes%20in%20India\"><strong>email<\/strong><\/a> or WhatsApp. PayU provides an end to end solution with checkout to final settlement. <\/p>\n\n\n\n<p>Know <a href=\"\/accept-payments-online-using-payu-payment-links\/?utm_source=google&amp;utm_medium=organic&amp;utm_campaign=internal&amp;utm_content=The%20Evolution%20of%20Payment%20Modes%20in%20India\" target=\"_blank\" rel=\"noreferrer noopener\">how to accept payments online using PayU payment links<\/a>. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Future of Payments<\/strong><\/h2>\n\n\n\n<blockquote class=\"wp-block-quote\"><p><strong>According to stats, a <\/strong><a rel=\"noreferrer noopener\" href=\"https:\/\/www.business-standard.com\/article\/current-affairs\/india-has-potential-to-become-1-trillion-digital-economy-by-2025-report-119022001195_1.html\" target=\"_blank\"><strong>$1 trillion digital market is expected by 2025 in India<\/strong><\/a><strong>. As e-commerce becomes more popular, the payments industry will see more innovations regarding checkouts and providing ease to the customers. <\/strong><\/p><\/blockquote>\n\n\n\n<p>We might also see an increase in \u201cinvisible payments\u201d. Invisible payments include more secure and improved payment systems such as biometrics and cryptography through which customers won\u2019t have to pay anything in person, but it will be automated and hence, invisible. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Conclusion <\/strong><\/h2>\n\n\n\n<p>With financial technological or Fintech evolving at a pace, which is unthinkable, there is still a lot of potential in the Indian finance sector. The number of digital transactions is going to rise, as merchants and consumers find ease in digital payments. If you are an online business and want to grow your business exponentially, integrate PayU \u2013 India\u2019s leading payment gateway. To know more,  <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><a href=\"https:\/\/onboarding.payumoney.com\/app\/account?utm_source=google&amp;utm_medium=organic&amp;utm_campaign=internal&amp;utm_content=The%20Evolution%20of%20Payment%20Modes%20in%20India\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"\/wp-content\/uploads\/2019\/09\/signup.png\" alt=\"Sign_Up_on_PayUmoney\" class=\"wp-image-6552\" width=\"253\" height=\"92\"\/><\/a><\/figure><\/div>\n","protected":false},"excerpt":{"rendered":"<p>From credit cards to one-click payments, we have made a significant advancement in how payments are done in the last few years. Gone are the days when you always had&#8230;<\/p>\n","protected":false},"author":31,"featured_media":6558,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[584],"tags":[637,763,761,707,762],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Evolution of Payment Modes in India - PayU Blog<\/title>\n<meta name=\"description\" content=\"From credit cards to one-click payments, we have made a significant advancement in how payments are done in India. 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