Ministry of Finance
‘Digital payments transactions reach 11,660 crore in current Financial year as on 11.12.2023’
Posted On: 19 DEC 2023 6:35PM by PIB Delhi
Digital payments have significantly increased in recent years, as a result of coordinated efforts of the Government with all stakeholders. This was stated by Union Minister of State for Finance Dr. Bhagwat Kisanrao Karad in a written reply to a question in Rajya Sabha today.
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 11.12.2023.
The Minister gave details of the progress made in the number of digital payment transactions during the last six years and current year are as below:
Financial Year | Volume (in crore) |
2017-18 | 2,071 |
2018-19 | 3,134 |
2019-20 | 4,572 |
2020-21 | 5,554 |
2021-22 | 8,839 |
2022-23 | 13,462 |
2023-24 (Till 11th Dec) | 11,660 |
Source: Reserve Bank of India (RBI), National Payments Corporation of India (NPCI) & DIGIDHAN Portal
On the question of various digital payment products which span from retail to wholesale payments, that Minister stated that for wholesale payments, there is Real Time Gross Settlement (RTGS) payment system, and, for retail payments, the payment products are Unified Payments Interface (UPI), National Electronic Fund Transfer (NEFT), Immediate Payment Service (IMPS), Credit and Debit cards, Prepaid Payment Instruments, National Automated Clearing House (NACH), Aadhaar enabled Payment Service (AePS) (Fund Transfers), BHIM Aadhaar Pay, and National Electronic Toll Collection (NETC) (linked to bank account).
The Minister stated that the Government in coordination with RBI continuously aims to make digital payments user friendly while ensuring payment security. The efforts taken include, inter alia,
- conversational payments in UPI which enables users to engage in a conversation with an AI- powered system to initiate and complete transactions in a safe and secure environment,
- offline payments in UPI to increase the speed of small value transactions on UPI,
- expanding the scope and reach of e-RUPI vouchers,
- Linking RuPay Credit Cards to UPI, and
- Interoperable Card-less Cash Withdrawal (ICCW) at ATMs.
****
NB/VM/KMN
(Release ID: 1988370) Visitor Counter : 16610
FAQs
Total transaction value in the Digital Payments market is projected to reach US$11.53tn in 2024. Total transaction value is expected to show an annual growth rate (CAGR 2024-2028) of 9.52% resulting in a projected total amount of US$16.59tn by 2028.
What is the CAGR of digital payments in India? ›
The total digital payment transactions volume increased from 2,071 crore in FY 2017-18 to 18,592 crore in FY 2023-24 at CAGR of 44%. Digital Payment Transactions has seen a tremendous growth especially after FY 2013-14.
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 a digital transaction? ›
A digital transaction is a process by which transactions take place without the use of cash. A digital transaction involves the collaboration of several parties including large financial firms and a number of sectors within the economy.
What is the CAGR of online payments? ›
The Digital Payments Market revenue was valued at USD 100.20 billion in 2023. It is estimated to reach USD 464.28 billion by 2032, growing at a CAGR of 19.16% during the forecast period (2024–2032).
What is the future of digital payments? ›
“Over the next five to 10 years, I expect digital payment capabilities will be embedded in all kinds of systems: from smart ticketing for entertainment and travel to systems that replenish food and other supplies in our homes,” said Andrew Hopkins, Senior Vice President of Global Products and Pricing at Discover Global ...
Is India leading in digital payment? ›
A Paysecure analysis of global payment methods revealed that India is leading the world in digital transactions, with over 40% of payments being digital and UPI accounting for the majority.
What is the highest CAGR in India? ›
High CAGR STOCKS
| S.No. | Name | ROCE % |
|---|
| 1. | Tips Industries | 103.80 |
| 2. | Lloyds Metals | 78.27 |
| 3. | Zen Technologies | 46.11 |
| 4. | Piccadily Agro | 29.59 |
6 more rowsUnified Payments Interface (UPI) continues to lead India's digital payments revolution. In FY 2023-24, UPI saw an impressive 57 per cent YoY growth in transaction volume, surpassing 131 billion transactions.
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.
Digital payment regulation in India is primarily overseen by the Reserve Bank of India (RBI).
How many types of digital payment are there in India? ›
Digital payments come in many different forms and ways. Among these are debit/credit cards, internet banking, mobile wallets, digital payment apps, Unified Payments Interface (UPI) service, Unstructured Supplementary Service Data (USSD), bank prepaid cards, and mobile banking, among others.
Is PayPal a digital payment? ›
Digital wallet payments
Financial apps that store the customer's account information electronically are called digital wallets. Digital wallets like PayPal, Apple Pay, Google Pay, and Samsung Pay allow customers to pay for goods and track their payment history using their phones and tablets.
What is the most popular digital payment method in the US? ›
We asked U.S. consumers about "Biggest e-commerce payment brands" and found that "PayPal" takes the top spot, while "Skrill" is at the other end of the ranking.
Is a credit card a digital payment? ›
Defining digital payments
This definition may include payments made with bank transfers, mobile money, QR codes, and payment instruments such as credit, debit, and prepaid cards.
What is the growth rate of the digital industry? ›
KEY MARKET INSIGHTS
The market is projected to grow from USD 2.71 trillion in 2024 to USD 12.35 trillion by 2032, exhibiting a CAGR of 20.9% during the forecast period. In the scope, digital transformation players, such as Alphabet LLC, Oracle Corporation, SAP SE, Salesforce, Inc., and others, are considered.
What is the growth rate of digital banking? ›
Global Digital Banking Market to Reach $53.5 Billion by 2030
The global market for Digital Banking estimated at US$18.1 Billion in the year 2022, is projected to reach a revised size of US$53.5 Billion by 2030, growing at a CAGR of 14.5% over the analysis period 2022-2030.
What is the growth rate of digital lending? ›
The global digital Lending market is expected to grow at a compound annual growth rate of 13.8% from 2021 to 2026 to reach USD 20.5 billion by 2026.
What is the growth of payment processing? ›
Payment Processing Solutions Market size was valued at USD 61.1 billion in 2023 and expected to grow at 10.5% CAGR from 2024 to 2032. This significant growth, fueled by the rise in e-commerce and digital transactions worldwide, is expected to continue at a steady CAGR from 2024 to 2032.
