# India — payment codes and schemes

> Source: https://docs.barcoder.ai/docs/payments/IN
> extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

## Summary

- **UPI** processes 185 billion transactions annually (FY 2024-25)
- **Bharat QR** is the interoperable standard (EMVCo-based)
- **658 million UPI QRs** vs 67 million Bharat QRs deployed
- **NPCI** operates both UPI and Bharat QR infrastructure
- **83% of retail digital payments** are UPI-based

## Banking landscape

### Central Bank
- **Name:** Reserve Bank of India (RBI)
- **Website:** https://www.rbi.org.in/
- **Role:** Monetary policy, payment systems regulation

### Major Banks (2024)

| Rank | Bank Name | Market Cap | Market Share | Type |
|------|-----------|------------|--------------|------|
| 1 | HDFC Bank | $158.5B | Leading private | Private |
| 2 | ICICI Bank | $105.7B | 2nd private | Private |
| 3 | SBI | $82.9B | 23% assets | Public |
| 4 | Kotak Mahindra | Large | Top 5 | Private |
| 5 | Axis Bank | Large | Top 5 | Private |

### Market Structure
- **SBI Dominance:** 23% asset share, 25% loans/deposits
- **Private Leaders:** HDFC, ICICI, Kotak, Axis
- **Branch Network:** SBI has 22,500+ branches
- **50 crore customers:** SBI alone serves 500 million

### Digital Transformation
- UPI revolutionized payments since 2016
- Banks competing on mobile app quality
- QR code payments standard at merchants
- Financial inclusion dramatically improved

---

## Payment infrastructure

### National Payment Systems

| System | Operator | Type | Status |
|--------|----------|------|--------|
| UPI | NPCI | Real-time P2P/P2M | Dominant |
| Bharat QR | NPCI/Visa/MC/Amex | Interoperable QR | Active |
| IMPS | NPCI | Instant transfer | Active |
| NEFT/RTGS | RBI | Bank transfers | Active |

### UPI Statistics (FY 2024-25)
- **185 billion transactions**
- **83% of retail digital payments**
- **62% person-to-merchant (P2M)**
- Real-time, 24/7 operation

### NPCI (National Payments Corporation of India)
- Operates UPI, Bharat QR, IMPS, RuPay
- Public-private partnership
- Sets QR code standards
- International expansion ongoing

---

## QR code standards

### UPI QR vs Bharat QR

| Feature | UPI QR | Bharat QR |
|---------|--------|-----------|
| **Operator** | NPCI | NPCI/Visa/MC/Amex |
| **Standard** | NPCI proprietary | EMVCo global |
| **Deployed** | 658 million | 67.2 million |
| **Interoperability** | UPI apps only | All networks |
| **Card Support** | No | Yes (Visa/MC/RuPay/Amex) |

### Bharat QR Features
- Launched September 2016
- Interoperable across RuPay, Visa, Mastercard, Amex
- Supports 14+ bank payment systems
- Dynamic QR generation available
- EMVCo global standard compliant

### UPI QR Features
- Linked to UPI ID (VPA)
- Static and dynamic QR supported
- Phone number-based payments
- Widespread merchant acceptance
- Free for small merchants

### NPCI QR Guidelines
- Clear standards for generation
- Display and processing rules
- Size, color, layout specifications
- Security requirements
- Interoperability mandates

---

## Mobile payment apps

| App | Provider | UPI | Bharat QR | Users |
|-----|----------|-----|-----------|-------|
| Google Pay | Google | Yes | Yes | 150M+ |
| PhonePe | Walmart | Yes | Yes | 500M+ |
| Paytm | Paytm | Yes | Yes | 300M+ |
| BHIM | NPCI | Yes | Yes | 50M+ |
| Bank Apps | Various | Yes | Yes | Widespread |

### PhonePe Leadership
- Largest UPI app
- Walmart-backed
- Strong merchant network
- QR code scanning core feature

### Google Pay India
- Major UPI player
- Seamless Android integration
- Rewards and cashback
- QR payments prominent

---

## Schemes

| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| [UPI QR](https://docs.barcoder.ai/docs/payments/IN/upi-qr) | Payment QR | NPCI | 658M deployed | [`upi-qr`](https://docs.barcoder.ai/docs/standards/upi-qr) |
| [Bharat QR](https://docs.barcoder.ai/docs/payments/IN/bharat-qr) | Interoperable QR | EMVCo | 67M deployed | [`bharat-qr`](https://docs.barcoder.ai/docs/standards/bharat-qr) |
| [BHIM QR](https://docs.barcoder.ai/docs/payments/IN/bhim-qr) | UPI variant | NPCI | Active | [`bhim-qr`](https://docs.barcoder.ai/docs/standards/bhim-qr) |

## Sources

- [NPCI - Bharat QR Overview](https://www.npci.org.in/what-we-do/bharatqr/product-overview)
- [NPCI - Bharat QR FAQs](https://www.npci.org.in/what-we-do/bharatqr/faqs)
- [Wikipedia - BharatQR](https://en.wikipedia.org/wiki/BharatQR)
- [BharatUPI - NPCI QR Standards](https://www.bharatupi.com/the-role-of-npci-in-standardizing-upi-qr-codes/)
- [LSQUARE - Unified QR Ecosystem](https://newsletter.iimbaa.com/upi-the-imperative-for-a-unified-qr-ecosystem/)
- [Inc42 - Bharat QR Mandate](https://inc42.com/buzz/it-ministry-mandates-inclusion-of-bhim-qr-code-with-upi/)
- [Shriram Finance - UPI QR Explained](https://www.shriramfinance.in/articles/shriram-one/2024/are-qr-codes-the-future-of-mobile-payments-upi-explained)
- [Bajaj Finserv - Bharat QR vs UPI](https://www.bajajfinserv.in/bharat-qr-vs-upi)
- [SBNRI - Top Banks 2024](https://sbnri.com/blog/nri-bank-accounts/top-10-banks-in-india-in-2024-by-market-cap)
- [Elevate Pay - Banks in India](https://www.elevatepay.co/blog/banks-in-india)

## Full country report

[IN-india.md](https://docs.barcoder.ai/docs/payments/IN)