India has seen a drastic shift to digital transactions in the past few years - the rise in internet usage and smartphone penetration play a critical role in enabling this revolution along with a push for universal financial inclusion by the government.
In terms of adoption, India is now one of the fastest growing fintech hubs in the world. From Whatsapp Pay to Google Pay - Amazon Pay and Walmart's Phone Pe - the big tech companies are lining up to own a pie of this rapidly growing market of 1.4 billion people.
So while, a COVID-induced lockdown has helped a shift to digital like never before - UPI payments have surged to a record high of 1.49 billion transactions in July. Digital wallets are doing brisk business. Bill payments have moved to the smartphone, insurance premiums are paid on a click of a mouse and the bank is now an app.
To discuss what future holds for this fast growing, highly competitive market, Shereen Bhan spoke to Harshil Mathur, co-founder & CEO of Razorpay, Upasana Taku, co-founder & COO of MobiKwik, Kunal Shah, founder & CEO of CRED and Anish Achuthan, co-founder & CEO of Open.