The Evolution of Payment Modes in India

From credit cards to one-click payments, we have made a significant advancement in how payments are done!
Before 1980 -
• Only Cash/Cheques/DD
The Pre-Internet Era
• 1980: Credit card introduced by Central bank of India
Moving Online!
• 1995: Internet started in India by VSNL LIMITED.
• 1999: India’s first ECOMMERCE website launched by INDIAPLAZA.COM

The Rise of E-commerce and Online Payments System
• 2000 - India’s first ever payment aggregator “BILLDESK” launched its operations in India.
• 2007 - “FLIPKART.COM” launched
• 2005 - GOVT OF INDIA launches NEFT as another Instant fund transfer system in India.
• 2008 - GOVT OF INDIA, RBI & BANKERS ASSOCIATION OF INDIA launched NPCI in India for standard of Retail payments.
• 2011 - Naspers launched PAYU PAYMENTS PVT LTD in India.
• 2013 - AMAZON launched its E-Commerce services in India.
• 2016 - NPCI and GOVT OF INDIA launched UNITED PAYMENT INTERFACE (UPI) in India with 21 banks live.

FUTURE OF PAYMENTS
2020- Merchant acceptance network to grow 10 times.
2021 - Volume of cheque-based payments will be less than 2% of E-retail transactions.
2025 - EXPECTING $1 TRILLION DIGITAL MARKET BY 2025 IN INDIA.
Conclusion
The number of digital transactions will rise, as merchants and consumers find an ease in digital payments.
If you are an online business and want to grow your business exponentially, integrate PayU – India’s leading payment gateway.