In financial year 2024, almost 164 billion digital payments were recorded across India. This was a significant increase compared to the previous three years.
Variety of digital payments
The total value of digital payments included large-scale interbank payments, such as Real Time Gross Settlement (RTGS) or National Electronic Funds Transfer (NEFT), as well as payments used by individuals, such as credit and debit cards. India’s mobile payment system, Unified Payments Interface (UPI), recorded strong gains, both in numbers and in value, since 2015. Thereby, it comes as no surprise that international key players, such as Google Pay or Amazon Pay, entered the market. Nevertheless, the most used app in 2021 was domestic app PhonePe.
COVID-19 effects
Since the beginning of the COVID-19 pandemic in India the number of digital payment transactions continued to grow. This was also true for the various methods of credit and debit transfers, including mobile payments through UPI. Nevertheless, the value of card payments and of large value credit transfers, such as RTGS, decreased considerably in financial year 2021.
FAQs
In financial year 2024, almost 164 billion digital payments were recorded across India.
What is the volume of digital transactions in India in financial year 2024 by mode? ›
Volume of digital payments in India FY 2024, by mode
As of January 2024, the Bharat Interface for Money (BHIM) Unified Payments Interface (UPI) was the most used mode of digital payments in India with a transaction volume of around 81 billion transactions. PPI followed with around four billion transactions.
What is the future of digital payments in India? ›
In terms of value, total digital payments increased from Rs. 1,370 lakh crores during FY 2017-18 to Rs. 2,428 lakh crores during FY 2023-24. It is projected that by FY 2025-26, India's digital payments market will reach US$10 trillion and digital payments will account for 2 out of 3 payment transactions.
How many people use digital payments in India? ›
If there is one Indian innovation that has grabbed global headlines in recent years, it is undoubtedly the UPI (Unified Payments Interface) payments system. Today, more than 40% of all payments done in India are digital, with UPI having a lion's share, used by over 30 crore individuals and over 5 crore merchants.
What is the limit of digital payment in India? ›
As per NPCI, the UPI transaction limit for normal UPI transactions is ₹1 lakh per day. Moreover, NCPI allows a maximum of 20 UPI transactions per day. The maximum UPI daily transfer limit can vary from bank to bank, ranging between Rs.25,000 and Rs.1 lakh.
What is the volume of digital payments in India? ›
The Minister further stated that the total digital payment transactions volume increased from 2,071 crore in FY 2017-18 to 13,462 crore in FY 2022-23 at a CAGR of 45 per cent. During current FY 2023-24, digital payments transactions have reached 11,660 crore till 11.12.
Are the number of digital transactions in India greater than the US? ›
External Affairs Minister S Jaishankar said India's Unified Payments Interface (UPI) is way more successful than any other country. He noted India is making (UPI) transactions worth Rs 120 crore in a month, while the US is making digital transactions worth Rs 40 crore in a year.
How many UPI users are there in India in 2024? ›
With over 452 million active users as of January 2024, these alterations have the potential to impact a vast segment of India's population. This blog delves into these pivotal changes, their implications, and how they'll impact your daily UPI interactions.
What is the ratio of digital payments in India? ›
The RBI chief went on to note that India accounts for 46% of all digital payments in the world, and that UPI transactions now account for 80% of all digital payments in India. “In 2012-13, there were 162 crore digital payments. This number has grown to 14,726 crore in 2023-24 till February,” he said.
Which country has highest digital payments in the world? ›
Which country is using the maximum transaction digitally? India has retained the top spot in the world with 25.5 billion real-time payment transactions, followed by China with 15.7 billion transactions.
Total transaction value in the Digital Payments market is projected to reach US$254.60bn in 2024. Total transaction value is expected to show an annual growth rate (CAGR 2024-2028) of 11.56% resulting in a projected total amount of US$394.40bn by 2028.
Which is the largest digital payment platform in India? ›
India's UPI surpasses world's leading digital payment platforms with this 'record' Unified Payments Interface (UPI) in India processed nearly Rs 81 lakh crore in transactions from April to July 2023, a 37% increase YoY. UPI has surpassed major global digital payment platforms.
Who controls digital payments in India? ›
Digital payment regulation in India is primarily overseen by the Reserve Bank of India (RBI).
What is the growth rate of digitalization in India? ›
Speaking at an event in New Delhi, the Minister of State for Electronics and IT said, "The digital economy in India today is growing at 2.8x the regular GDP. It was 4.5 per cent of GDP in 2014, it is 12 per cent of GDP today, and it will be a fifth of the GDP by 2026-27."
What is the UPI transaction for January 2024? ›
The Unified Payments Interface (UPI) transaction value grew over 42% YoY to INR 18.41 Lakh Cr in January 2024, while the volume went up 52% to 1,220 Cr, according to National Payments Corporation of India (NPCI). The payment infrastructure recorded a whopping 1,220 Cr transactions worth INR 18.41 Lakh Cr.
What is the growth rate of digital banking in India? ›
India Digital Banking Platforms Market size Volume was USD 779.79 Mn. in 2022 and the total India Digital Banking Platforms volume is expected to grow by 9.44% from 2023 to 2029, reaching nearly USD 1604.67 Mn.
What is the growth rate of digital lending in India? ›
Synopsis. According to Redseer Strategy Consultants, digital lending is projected to account for 5% of all retail loans by FY28, up from 1.8% in FY22 and approximately 2.5% in FY24.
