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A customer can transfer money or pay for goods and services by sending an SMS, using a Java application over GPRS, a WAP service, over IVR or other mobile communication technologies. In India, this service is bank-led. [1] Customers wishing to avail themselves of this service will have to register with banks which provide this service.
The number of newly founded startups has increased from 733 in 2016–17 to over 14000 in 2021–22, making India the third largest startup ecosystem in the world after the US and China. [3] Among them, around 6600 startups have been in the FinTech industry, evaluating a market value of US$31 billion in 2021. [4]
As of 2023 there are 907.4 million internet users in India (64% of the population), a 35% increase since 2018. [3] 63% payments still being made in cash. E-payments have been heavily promoted in India showing consumers the various ways they can make these payments Including ATMs, the Internet, mobile phones and drop boxes.
India's telecommunication network is the second largest in the world by number of telephone users [3] (both fixed and mobile phones) with over 1.19 billion subscribers as of September 2024. [4] It has one of the lowest call tariffs in the world enabled by multiple large-scale telecom operators and the ensuant hyper-competition between them.
The Freedom 251 is a smartphone that was initially offered for sale in India at the promotional price of ₹ 251 (US$3.74). Sold by Ringing Bells Private Limited, and marketed as the world's cheapest smartphone. [2] Bharatiya Janata Party MP Kirit Somaiya has stated that the phone is bogus and the promotion is a Ponzi scheme. [3]
The company announced that as many as 9,624,110 units of Redmi Note 4 were sold in India in 2017 and that it was one of their best-selling smartphones in the last quarter of 2017. [9] The device sold over 10 Million units in India alone. [10] The company discontinued the smartphone's sale in favor of the successors Redmi 5 and Redmi Note 5.