- विज्ञापन -
New Delhi: A recent report from the Reserve Bank of India (RBI) highlights a significant increase in retail digital payments in India, soaring from 162 crore transactions in the financial year 2012-13 to over 16,416 crore transactions in 2023-24—an approximately 100-fold rise over the past 12 years.
This growth is also reflected in the RBI’s Digital Payment Index, which has experienced a more than four-fold increase in the last six years, reaching 445.50 for March 2024 (with March 2018 as the base of 100), according to the Central Bank’s ‘Payment Systems Report.’
Overall, digital payments in India have seen exponential growth in the past decade. In calendar year 2013, there were 222 crore digital transactions valued at Rs 772 lakh crore, which has now escalated to over 20,787 crore transactions worth Rs 2,758 lakh crore in calendar year 2024—a 94 times increase in volume and over 3.5 times in value.
In the last five years alone, digital payments have surged 6.7 times in volume and 1.6 times in value, translating to a five-year compound annual growth rate (CAGR) of 45.9% for volume and 10.2% for value.
The digital payment landscape has evolved from primarily traditional card-based systems to a diverse ecosystem that includes various options tailored to the needs of Indian consumers. These options encompass instant payment systems (like UPI and IMPS), small-value payment methods (such as PPI and UPI Lite), large-value transactions (RTGS), bill payments (BBPS), bulk payments (NACH), offline payments (UPI Lite X), government payments (NACH and APBS), toll payments (NETC), and more.
The RBI is also working on connecting fast payment systems with those of other countries to facilitate a smoother and more cost-effective cross-border payment experience. Recently, the interlinking of India’s Unified Payments Interface (UPI) with Singapore’s PayNow was achieved through collaboration between the RBI and the Monetary Authority of Singapore, leading to a noticeable reduction in remittance costs.
