Digital payments to grow 3X in five years in terms of value to Rs 907 trillion: Report
"Credit cards are witnessing robust growth, with volumes and values projected to grow at 21.7% and 20.8% compound annual growth rate (CAGR)," said the report.
"Credit cards are witnessing robust growth, with volumes and values projected to grow at 21.7% and 20.8% compound annual growth rate (CAGR)," said the report.
The total volume of digital payments is projected to rise from 206 billion in FY25 to 617 billion by FY30, while the value is set to expand from Rs 299 trillion to Rs 907 trillion.
As per the 9th edition of NeoGrowth’s NeoInsights report, titled How India Pays, this marks a sharp rise from 45 per cent two years ago.
In value terms, digital transactions grew 17.3 per cent over the year, largely driven by Real Time Gross Settlement (RTGS) transactions, the report said. The total value of digital payments reached Rs 2,862 lakh crore, up from Rs 2,428.2 lakh crore in the previous fiscal.
The uptrend continues the strong momentum seen in FY24, which recorded a 44% rise.
The Unified Payments Interface (UPI) experienced a temporary outage for the second time within a week.
The digital payment transactions (including UPI) surged with over 18,120 crore transactions in 2024-25 (till January this year), with transaction value crossing Rs 2,330 lakh crore, the government
RBI Governor Sanjay Malhotra on Thursday asked fintech firms and digital payment companies to ensure responsible innovation and better compliance.
Furthermore, during the past 5 months (April-August) of the current financial year 2024-25, the transaction volume has reached to 8,659 crore, it added.
The RBI-DPI comprises 5 broad parameters that enable the measurement of penetration of digital payments in the country over different time periods.
