The Unified Payments Interface (UPI) has transformed the digital payment landscape in India, making transactions simpler, faster, and more secure. With the rise of fintech innovation, several start-ups have emerged as frontrunners in the UPI payments ecosystem. In this article, we explore the top UPI payments start-ups of 2024, highlighting their unique offerings and contributions to the industry.

1. PhonePe:

Founded in 2015, PhonePe has become a household name in the UPI payments sector. The platform offers a user-friendly interface and a wide range of services, including bill payments, mobile recharges, and online shopping. In 2024, PhonePe continues to innovate, recently introducing ‘PhonePe Pulse’, a data-rich platform providing insights into digital payment trends across India.

2. Google Pay:

Google Pay, launched in India as Tez in 2017, has quickly become a key player in the UPI payments market. Known for its simple and secure payment process, Google Pay has expanded its services to include features like Tap-to-Pay for NFC-enabled devices and integration with local transit services in major cities.

3. Paytm:

Paytm has been a pioneer in the digital payment space in India. While it started as a mobile recharge platform, it has successfully leveraged UPI to offer a comprehensive payment solution. In 2024, Paytm continues to innovate, recently launching a feature that allows users to set up recurring payments using UPI.

4. BharatPe:

BharatPe is a fintech start-up that focuses on empowering small merchants and kirana stores with UPI payments. It offers a QR code-based payment system and has recently introduced a ‘12% Club’ feature, offering merchants and customers an opportunity to earn up to 12% annual interest on their investments.

5. MobiKwik:

MobiKwik has transitioned from a mobile wallet to a full-fledged UPI payments platform. In addition to UPI transactions, MobiKwik offers a range of financial services, including loans, insurance, and investment options. In 2024, MobiKwik has launched ‘MobiKwik Zip’, a buy now, pay later feature, to further enhance its user experience.

6. Amazon Pay:

Amazon Pay, integrated with the Amazon app, has made significant strides in the UPI payments sector. It offers a seamless shopping experience with easy payment options. In 2024, Amazon Pay has introduced ‘Amazon Pay Later’, a credit feature that allows users to pay for their purchases in installments.

7. Juspay:

Juspay is a start-up that focuses on simplifying the payment process for merchants and consumers. It offers a secure and efficient UPI payment gateway and has recently introduced ‘Juspay Safe’, a feature that enhances transaction security with advanced encryption technology.

8. Pine Labs:

Pine Labs is a merchant platform that offers a wide range of payment solutions, including UPI payments. In 2024, Pine Labs has launched ‘Plural’, a suite of payment products that cater to the diverse needs of merchants, from small businesses to large enterprises.

9. CRED:

CRED, primarily known for its credit card bill payment platform, has ventured into the UPI payments space with ‘CRED Pay’. This feature allows users to make UPI payments directly from their CRED app, earning rewards and cashback on transactions.

10. NiYO:

NiYO is a fintech start-up that offers digital banking solutions, including UPI payments. It focuses on providing financial services to salaried individuals and has recently launched ‘NiYO Bharat’, a UPI-based payment solution for blue-collar workers.

These start-ups are not only facilitating seamless digital transactions but are also driving financial inclusion and innovation in the payment’s ecosystem. As the UPI platform continues to evolve, we can expect these players to introduce more features and services, further revolutionizing the digital payment landscape in India.

In conclusion, the UPI payments sector in India is witnessing unprecedented growth, with start-ups playing a pivotal role in shaping the future of digital transactions. The top UPI payments start-ups of 2024 are leading the charge with innovative solutions, making digital payments more accessible, secure, and convenient for users across the country.