For majority of the people, cash is still the main mode of payment. A new mobile payment called UPI that supports P2P payments based on simple virtual payment h

For majority of the people, cash is still the main mode of payment. A new mobile payment called UPI that supports P2P payments based on simple virtual payment handle (<yourhandle>@<pspbank>) and QR based P2M (merchant) payments is growing rapidly to replace cash. Government is giving free/basic bank account to everyone through a program called Jan Dhan Yojna. So anyone with a smartphone and a free/basic bank account or even more basic payment bank account (requires lesser kyc) can pay using UPI. (Of course KYC is still a challenge but way better than other countries due to a national biometric id system called Aadhaar and central kyc registries for financial institutions). And regulator is taking a very interesting approach to open banking through unbundling. For example, see https://sahamati.org.in https://sahamati.org.in for financial data unbundling.