In E-commerce, transactions involving products and services occur through computers and laptops, while M-commerce sees customers utilizing mobile phones for similar purposes. India is currently in the midst of an E-commerce and M-commerce revolution, with the introduction of M-commerce further expanding the boundaries of virtual commerce. Just as electronic payment systems (e-payment) are fundamental to E-commerce, mobile payment systems (m-payment) play a pivotal role in M-commerce. The proliferation of ICT (information, communication, and technology) and the 5G internet has transformed payment systems from cash-based to electronic and mobile-based transactions.

The Information Technology Act of 2000 legalized E-commerce, online transactions, and digital signatures in India. These digital transactions are anticipated to replace conventional forms of commerce and services eventually. The surge in mobile payments stems from various factors such as governmental initiatives promoting digital literacy, events like demonetization, the launch of UPI, the growth of telecom through 5G adoption, affordable internet accessibility, economical mobile devices, the expansion of M-commerce, and new players entering the M-payment industry.