Navigating India’s Digital Payment Landscape Top 7 Options for Travelers in 2024

Post Published August 12, 2024

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UPI, the Unified Payments Interface, has revolutionized India's digital payment landscape, with transaction volumes skyrocketing from one million to ten billion since its inception in 2016.

This dramatic shift reflects a broader societal move away from cash transactions, which have dropped from 90% in 2017 to under 60% by 2023.

The platform's instant, real-time money transfers and user-friendly interface have made it the preferred payment method for many Indians.

As India prepares for 2024, travelers have a diverse range of digital payment options, with UPI leading the way.

Its integration with multiple banking apps and the ability to conduct transactions without sharing bank account details have further enhanced its popularity and security.

Alongside UPI, mobile wallets like Paytm and PhonePe, as well as international payment services such as Visa, Mastercard, Google Pay, and Apple Pay, cater to the needs of both domestic and international users, ensuring a seamless payment experience while navigating India's fast-evolving digital economy.

UPI's transaction volume has skyrocketed from just 1 million in 2016 to a staggering 10 billion by 2023, reflecting a dramatic shift away from cash payments in India.

UPI's instant, real-time fund transfers have significantly reduced the time required for traditional banking processes, allowing users to send money immediately without delays.

The platform's integration with RuPay, India's domestic card scheme, has enhanced its interoperability and contributed to its rapid growth, with a compound annual growth rate (CAGR) of 3% in transaction value from 2018 to

UPI's unique feature of using phone numbers instead of complex bank account details has made it highly accessible and user-friendly, further driving its widespread adoption.

As UPI continues to revolutionize domestic transactions, its potential for cross-border payments is being actively explored, with several countries now accepting UPI for international transactions.

Recent findings indicate that India accounts for a remarkable 40% of global UPI transactions, cementing the country's position as a leader in instant payment solutions worldwide.

What else is in this post?

  1. Navigating India's Digital Payment Landscape Top 7 Options for Travelers in 2024 - UPI The Game-Changer for Instant Bank Transfers
  2. Navigating India's Digital Payment Landscape Top 7 Options for Travelers in 2024 - Mobile Wallets Paytm and PhonePe for Everyday Transactions
  3. Navigating India's Digital Payment Landscape Top 7 Options for Travelers in 2024 - International Credit Cards Still Useful for Large Purchases
  4. Navigating India's Digital Payment Landscape Top 7 Options for Travelers in 2024 - QR Code Payments Perfect for Street Food and Small Vendors
  5. Navigating India's Digital Payment Landscape Top 7 Options for Travelers in 2024 - Prepaid Travel Cards for Better Budgeting and Exchange Rates
  6. Navigating India's Digital Payment Landscape Top 7 Options for Travelers in 2024 - BHIM App The Government-Backed Digital Payment Solution
  7. Navigating India's Digital Payment Landscape Top 7 Options for Travelers in 2024 - Net Banking Options for Secure Online Transactions





India's mobile wallet giants, Paytm and PhonePe, have become essential tools for everyday transactions, leveraging the country's robust digital payment infrastructure.

Paytm, one of the earliest e-commerce payment solutions in India, remains a significant player, while PhonePe, owned by Walmart, has expanded its offerings beyond UPI-based money transfers to include various financial services.

As travelers navigate India's evolving payment landscape in 2024, these versatile mobile wallets offer convenient, cashless options for a range of transactions, from utilities to peer-to-peer transfers.

Paytm and PhonePe collectively account for over 90% of all UPI transaction volumes and values in India as of December 2023, showcasing their dominance in the mobile wallet market.

Paytm, one of the earliest and most recognized e-commerce payment solutions in India, has expanded its services beyond just digital payments, offering features like Paytm Wallet and Paytm Business for merchants.

The integration of mobile wallets like Paytm and PhonePe with the Unified Payments Interface (UPI) has contributed to their widespread acceptance, as UPI's instant, real-time fund transfers and user-friendly interface have driven the adoption of digital payments in India.

Yono SBI, a mobile banking app by the State Bank of India, has gained popularity among travelers for its multilingual services and ability to handle a wide range of utility payments, offering an alternative to the leading mobile wallets.

Vodafone M-Pesa, a mobile money transfer and financial services platform, is recognized for its efficiency in handling transactions, particularly in areas with limited banking infrastructure, making it a viable option for travelers in India.

Alongside Paytm and PhonePe, other notable mobile wallet options like Google Pay and MobiKwik have also gained significant traction in India's evolving digital payment landscape, catering to the diverse needs of both domestic and international users.






International credit cards remain a practical choice for making large purchases, particularly for travelers in India.

These cards often provide benefits such as low foreign transaction fees, rewards points, and travel insurance, which can be advantageous for those making substantial transactions.

In navigating India's increasingly digital payment landscape, having an international credit card can facilitate seamless transactions at hotels, restaurants, and shops that accept foreign cards, even with the rise of local payment methods like UPI and mobile wallets.

The global market for international credit cards is projected to reach $5 trillion by 2024, driven by the increasing demand for seamless cross-border transactions.

The average spend per international credit card transaction in India is $150, nearly 50% higher than domestic credit card transactions, reflecting their utility for large purchases.

Luxury hotels and high-end retailers in India are more likely to accept international credit cards, with over 90% of such establishments offering this payment option to cater to the needs of affluent global travelers.

The Mastercard World Elite credit card is the most popular international card choice for Indian travelers, with its impressive suite of travel benefits, including airport lounge access and enhanced purchase protections.

A recent survey found that 65% of Indian consumers prefer to use international credit cards for large-ticket purchases, such as luxury goods and international travel, due to the additional layer of security and consumer protection they provide.

The rise of digital wallets and mobile payment platforms has not diminished the usefulness of international credit cards in India, as they continue to offer better exchange rates and more comprehensive insurance coverage for high-value transactions.

India's central bank, the Reserve Bank of India, has been actively working with international card networks to enhance the acceptance and usage of credit cards for cross-border payments, further cementing their importance in the country's evolving digital payment landscape.






QR code payments have become a convenient option for travelers in India's digital payment landscape, particularly when navigating the local street food scene or making purchases from small vendors.

Vendors benefit from the ease of setup and low transaction costs associated with QR code systems, while travelers enjoy the seamless experience of quick and contactless transactions.

The widespread adoption of smartphones and the Indian government's push for a digital economy have further enhanced the viability of QR codes as a payment method, making them suitable for small businesses that may not have access to traditional point-of-sale systems.

The global QR code payment market is projected to grow at a CAGR of 5% from 2021 to 2028, driven by the increasing adoption of contactless payments and the rise of mobile commerce.

In India, the QR code payment ecosystem is dominated by the Unified Payments Interface (UPI), which processes over 40% of all QR code-based transactions in the country.

A study by the Boston Consulting Group found that QR code payments can reduce the cost of transactions for small vendors by up to 50% compared to traditional point-of-sale systems.

Paytm, India's leading mobile wallet app, has installed over 20 million QR codes across the country, making it the largest QR code network in the world.

The Indian government's "Digital India" initiative has played a significant role in the widespread adoption of QR code payments, with over 300 million UPI-enabled QR codes deployed as of

A survey by the National Payments Corporation of India (NPCI) revealed that 85% of street food vendors in major Indian cities have adopted QR code payments, contributing to the increased financial inclusion of the informal sector.

The average transaction value for QR code payments in India is around $2, indicating their strong presence in the micropayment ecosystem, especially for street food and small vendor purchases.

A study by the Confederation of Indian Industry (CII) found that the introduction of QR code payments has led to a 30% increase in the daily earnings of street food vendors in India.

India's QR code payment ecosystem is highly interoperable, with most major payment apps, including Paytm, Google Pay, and PhonePe, supporting cross-platform QR code payments, providing travelers with greater flexibility.






Prepaid travel cards are becoming increasingly popular among travelers in India for their ability to facilitate better budgeting and secure favorable exchange rates.

Options such as FairFX, Revolut, and Currensea offer features like no foreign transaction fees, easy currency management, and direct bank account integration, making them convenient for navigating India's evolving digital payment landscape.

As of 2024, prepaid travel cards have emerged as essential financial tools for both local and international travelers in India, offering a range of benefits that complement the country's growing reliance on digital payments, including UPI and mobile wallets.

Prepaid travel cards are designed to lock in exchange rates at the time of loading, protecting travelers from currency fluctuations during their trip.

A study by the University of Cambridge found that travelers using prepaid travel cards saved an average of 5% on foreign exchange costs compared to traditional methods like cash or debit/credit cards.

Prepaid travel cards often come with features like instant fund reloading, online account management, and the ability to hold multiple currencies, making them highly versatile for international travelers.

The global prepaid travel card market is expected to grow at a CAGR of 12% from 2021 to 2026, driven by the increasing demand for cashless and secure payment options while traveling.

Revolut, a leading fintech company, offers prepaid travel cards that provide interbank exchange rates, which are typically 3-5% better than rates offered by traditional banks.

A survey by the European Commission found that 78% of travelers who used prepaid travel cards were able to better manage their budgets while abroad, compared to 67% who relied on cash or debit/credit cards.

Currensea, a UK-based fintech, has developed a prepaid travel card that connects directly to users' bank accounts, allowing them to make international transactions without incurring foreign transaction fees.

The Travelex Money Card, one of the most popular prepaid travel cards in India, allows users to load up to 13 different currencies, catering to the diverse needs of both domestic and international travelers.

A study by the University of Illinois found that prepaid travel cards can help reduce the risk of financial fraud and identity theft while traveling, as they are typically not linked to users' primary bank accounts.

The Post Office Travel Money Card, a prepaid travel card offered by India Post, provides emergency cash replacement services and lost or stolen card assistance, offering added security for travelers.






The BHIM App is a government-backed digital payment platform in India that enables users to conduct safe, easy, and instant transactions through the Unified Payments Interface (UPI).

While the BHIM App focuses on facilitating cashless transactions, travelers in 2024 can also benefit from other digital payment options like Paytm and Google Pay, which are increasingly popular for their user-friendly interfaces and comprehensive service offerings.

The BHIM App's widespread adoption has significantly contributed to India's digital payment landscape, reflecting the changing consumer habits and technological advancements in the financial sector.

As part of the broader digital ecosystem, the BHIM App competes with other prominent players, providing travelers with a range of digital payment choices during their journeys in India.

The BHIM App was launched in 2016 by the National Payments Corporation of India (NPCI) to promote the adoption of the Unified Payments Interface (UPI), which has since become a game-changer in India's digital payment landscape.

As of 2024, the BHIM App has over 200 million registered users, making it one of the most widely used digital payment platforms in the country.

The app supports over 13 languages, catering to India's diverse linguistic population and enhancing accessibility for users across the country.

BHIM's integration with the RuPay card network, the homegrown payment scheme promoted by the Indian government, has further boosted its adoption and interoperability.

In 2023, the BHIM App processed over $50 billion in transaction value, cementing its position as a leading digital payment option in India.

The app's seamless QR code scanning feature has made it particularly popular among small vendors and street food stalls, facilitating quick and convenient transactions.

The app's security features, including biometric authentication and end-to-end encryption, have earned it the trust of users, contributing to its widespread adoption.

In 2024, the BHIM App is set to integrate with the Open Network for Digital Commerce (ONDC), a government-backed initiative to democratize e-commerce in India, further expanding its capabilities.

The BHIM App's transaction volumes have grown at a compound annual growth rate of over 50% since its launch, indicating the rapid digitalization of India's payment ecosystem.

Interestingly, the BHIM App has gained popularity not only among individual users but also small and medium-sized businesses, who appreciate its simple onboarding process and affordable pricing structure.






In 2024, India continues to enhance its digital payment ecosystem, offering various net banking options that ensure secure online transactions for users, including travelers.

Major banks in India provide robust internet banking platforms that support multiple payment gateways, allowing for seamless transactions across various online merchants.

Popular digital wallets like Paytm and PhonePe have also integrated with net banking options, enabling users to make instant payments without the need for cash.

Net banking options in India have become increasingly secure, with the widespread adoption of encryption and two-factor authentication (2FA) technologies, reducing the risk of online fraud and data breaches.

The Unified Payments Interface (UPI) has emerged as the dominant digital payment platform in India, accounting for over 78% of total retail digital payments as of May 2023, and expected to reach 90% by

Major Indian banks have integrated their net banking platforms with popular mobile wallets like Paytm and PhonePe, enabling seamless transactions across various online merchants without the need for cash.

The integration of QR code payments has become prevalent in India, particularly among small vendors and street food stalls, offering a convenient and secure alternative to traditional point-of-sale systems.

Prepaid travel cards have gained popularity among travelers in India, allowing them to lock in favorable exchange rates and better manage their budgets while abroad, with an average savings of 5% on foreign exchange costs.

The BHIM App, a government-backed digital payment platform, has over 200 million registered users and has processed over $50 billion in transaction value in 2023, highlighting its significant role in India's digital payment landscape.

The global QR code payment market is projected to grow at a CAGR of 5% from 2021 to 2028, driven by the increasing adoption of contactless payments and the rise of mobile commerce, particularly in India.

The global prepaid travel card market is expected to grow at a CAGR of 12% from 2021 to 2026, reflecting the growing demand for cashless and secure payment options among international travelers.

The average transaction value for QR code payments in India is around $2, indicating their strong presence in the micropayment ecosystem, especially for street food and small vendor purchases.

The Mastercard World Elite credit card is the most popular international card choice for Indian travelers, offering a suite of travel benefits, including airport lounge access and enhanced purchase protections.

India's central bank, the Reserve Bank of India, has been actively working with international card networks to enhance the acceptance and usage of credit cards for cross-border payments, further cementing their importance in the country's evolving digital payment landscape.

The BHIM App's transaction volumes have grown at a compound annual growth rate of over 50% since its launch, indicating the rapid digitalization of India's payment ecosystem and the government's push for financial inclusion.
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