In India Google Pay, PhonePe (Flipkart), and Paytm are the biggest participants in the Indian payments space. But unlike China, where Tencent and Alibaba dominate the mobile money arena in India remains fragmented and fiercely competitive.
India stumbled on a unique model when the National Payments Corporation of India, an umbrella organisation for retail payments, rolled out its Unified Payments Interface in 2016. The UPI platform allows mobile apps to do an instant fund transfer between two bank accounts, enabling anyone who can build an app, from start-ups to multinational corporations, to compete on equal footing for the millions of Indians opening bank accounts for the first time. Google Pay, Amazon Pay and Samsung Pay all use UPI along with Indian start-ups Razorpay and BharatPe.