Most Popular Digital Billers in India

January 15, 2021

Digital payments are increasing day-to-day all over the world. The global digital payment market size is expected to grow from USD 79.3 billion in 2020 to USD 154.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 14.2%. India has a long way to catch leading countries in Europe and East Asia in terms of digital payment usage, but its growth is only next to China in post-Covid times. 

In 2020, the Covid pandemic seems to have made people focus on contactless payments in their daily life too. According to NPCI as many as 180 crore transactions, amounting to Rs.3.29-lakh crore, took place on the Unified Payments Interface (UPI) platform in September, versus 161 crore transactions, involving Rs. 2.98-lakh crore, in the previous month. The Indian government has also intensified its role  in the Digital payments ecosystem by launching an indigenous "BHIM UPI app" as a part of its Digital India Programme. As part of promoting cashless transactions and converting India into less-cash society, various popular modes of digital payments are available:

  • UPI
  • Point of Sale
  • Internet Banking
  • Mobile Banking
  • Mobile Wallets
  • Credit & Debit Cards
  • USSD
  • AEPS

UPI is the most widely used method. In February 2020,, over $31 billion in UPI payments were made which we can extrapolate to  $373 billion in annualized payment value as per S&P Global Market Intelligence Report.

There are 30 plus payments platforms available in India due to its vast potential. Top five platforms which provide Electricity, Utility, Travel Bookings, Mobile & TV Recharges services at one station are mentioned below:-

1). PhonePe

Launched in December 2015, PhonePe recently crossed the 250 million user milestone and also emerged as the largest player on UPI transactions in post-Covid times. With over 100 million monthly active users, it has now one of the largest transacting user bases in the country. And they've come a long way, serving millions of users across 500 cities in India. PhonePe offers the following services which are easy to access:-

  • Recharges (Mobile, FASTag, DTH & TV)
  • Utilities (Electricity, Piped Gas, Water, LPG, Postpaid, Education Fees)
  • Purchases (Gift Cards, Google Play etc.)
  • Financial Services & Taxes (Credit Card Bill, Loan Repayment, Municipal Tax etc.)

2). Paytm

Paytm is the most diverse platform available in India when it comes to the number of services provided at one platform. Launched in August 2010, Paytm is India's leading financial services company that offers full-stack payments & financial solutions to consumers, offline merchants and online platforms. It has already received approvals to launch Stock Broking, Demat Services and National Pension System (NPS) services. Apart from Providing Online Shopping, Utility, Recharges, & UPI services it launched new services in 2020 which  include:-

  • IPO Investments
  • SIP in Mutual Funds
  • Contactless Credit Card Service
  • Pay later facility in Uber
  • Online Gaming Site Transactions

3). Google Pay (Tez)

Launched in September 2017, and initially branded as Tez, Tez started the premise of making payments simple and built a user interface that made making payments as easy as starting a conversation. Today users can pay their bills, recharge their phones, get loans instantly through banks,  buy train tickets and much more all within the app. It does not offer as diverse a slate of services as Paytm or PhonePe though which has limited its popularity. 

4). Amazon Pay

Launched in 2016, Amazon Pay introduced a prepaid wallet on their famous shopping platform. Since launch it has on boarded leading merchants like food delivery player Swiggy, ticketing portal BookMyShow, Travel agency Cleartrip, and online pharmacy Netmeds, apart from covering traditional utility payments. It is currently a part of the Amazon Shopping app, and has no standalone app available. Amazon has already penetrated urban & rural areas for its unique shopping offers and convenience factor. That is what makes it easier for many people who already use the Amazon app for their shopping needs to transition to Amazon Pay. The payment methods accepted by Amazon Pay in India include Credit cards (Visa or MasterCard) and Debit cards (Visa or MasterCard), Net Banking accounts, EMI & Amazon Pay Balance.

5). BHIM

BHIM is a project that is funded and operated by the government of India. The National Payments Corporation of India (NPCI) developed the concept and plans which the government accepted. The core idea of BHIM was that the service would encompass all digital payments in India. 

Therefore, it is relatively easy to use BHIM, and it gives customers a range of advantages. BHIM customers transfer money via UPI (Unified Payment Interface) that the NPCI developed. Despite having support from the government and astonishing benefits for use, BHIM is not without downsides. One of the most significant disadvantages that turn users away from BHIM is the transfer limit on payments. Both the number of transactions and amounts of money are limited per day. Nevertheless, BHIM remains one of the most popular payment options in India.

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