70+ Indian FinTech Startups (Infographic)

We have always tried to keep ourselves updated with all the latest happenings in the payments industry. LTP has recently come up with an infographic by summarizing some of our findings and observations in this space.

In this piece of work, we have tried to capture some of the segments and subsegments in the payments space. Below is a brief overview of the topics which are discussed:

Mobile Payments: With more than 900 million mobile subscribers, India has a burgeoning desire for Internet on mobile, and the same should be expected for payments and commerce on mobile. With increased smartphone penetration, app and wallet-based payment solutions, the problem of dependence on network operators and the complexity in sending SMS to enable payments have been addressed. There are clearly some encouraging signs of development in the numbers of mobile payments in India.

Companies: Paytm, QuikWallet, ZipCash, YPAYCASH, Oxigen, Vodafone m-pesa, Airtel money, MoneyOnMobile, MobiKwik, ItzCash, mRupee, Idea Money, Paychamp, ePaisa, Pyro, MoboMoney, PayMate, KayPay, Chillr, PayQwik, SBI MobiCash easy, ICICI Pocket, Ruplee, Momoe, PayUMoney, mpurse, iKaaz, Atom, Citrus, MobiCash


  1. P2P Payments
  2. M-commerce

Prepaid & Gift Cards: Prepaid cards are payment cards with a stored value on the card itself unlike debit cards, where an external account is maintained by a financial institution, or credit cards, which are subject to the credit limits set by the issuer. Another benefit prepaid cards provide is the segmentation of spending by consumers for areas such as travel, online shopping, m-commerce, etc.

Gift cards are also prepaid cards but are differentiated in its purchase and usage. They are purchased for occasions like birthdays and holidays. They are also used in corporate incentive and loyalty programs.

Companies: ItzCash, Zaggle


  1. Multipurpose Prepaid Cards and Gift Cards

Personal Finance: Keeping a budget and managing personal finances can be a time-consuming task and often a struggle for many people. But thanks to personal finance apps, tasks (like paying bills and balancing accounts) can be as simple as texting someone. PFM (personal finance management) apps act as effective tools to track your data across multiple sources like banks accounts, payment cards, etc.

Companies: PaisaGate, MProfit, Aditya Birla MyUniverse, Intuit Money Manager, Perfios


  1. SAAS-Based Solutions & Platforms

Payment Gateways: Payment gateways protect credit card details by encrypting sensitive information, such as credit card numbers, to ensure that information is passed securely between the customer and the merchant and also between merchant and the payment processor.

Companies: Transerv, PayU, Citrus, Atom, Zaakpay, EMVANTAGE, DirecPay, Airpay


  1. Payment Gateway Solutions

Card Acceptance: Currently, India has around 80,000 mPOS terminals of the million plus total POS terminal, as per GrowthPraxis. Nearly 80% of the retail market in India does not have POS installations to offer card-based payments, so there is a huge white space for mPOS solution providers. Other than Mswipe, companies like Ezetap, Paynear, MRL Posnet, iKaaz, AasaanPay, Mosambee, MobiSwipe and PayPOS are the players operating in the same segment. The low cost of devices is the key USP of mobile POS players in India.

Companies: Pine Labs, Ezetap, Mswipe, MobiSwipe, Mosambee, Qwikcilver

Remittance: Global remittances amount to $500 billion every year. The industry has grown by leaps and bounds; yet, for a consumer, there are several issues. There have been multiple issues in the past such as high transfer costs, limited money distribution methods, limited brand options, limited ways to deal with money, etc. The advent of new players in this space is redefining the solutions provided to these problems by this industry which was known to be mainly duopolistic in nature till a few years ago. Entrepreneurs have taken note of the market opportunity in this segment and are establishing remittance platforms making use of cloud, mobility, blockchain and other technologies and concepts.

Companies: Remit2India, RemitGuru, BookMyForex, Airtel money, Vodafone m-pesa


  1. Mobile & Web-Based Remittance

Lending: The emerging online alternative lenders extensively make use of predictive modeling, data aggregation and electronic payment technology along with the conventional indicators such as a small-business owner’s personal credit history and key metrics about a borrower’s business to assess the health and performance of the business.

Companies: Milaap,,, P2P, MicroGraam, LenDen Club, Vote4Cash, MutualLoans, Capital Float, NeoGrowth, Janta


  1. Online P2P/SME Lending

For a more detailed analysis covering the funds raised by the startups companies, the fund raised by the startup companies in the last one year and trends in each segment please request a detailed infographic at