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 rights of maintenance and processing of digital payment solutions via the National Common Mobility Card (NCMC) have now been accorded to the Airtel Payments Bank.
Digital payment startups Razorpay and Cashfree on Tuesday announced that they received final authorisation from the Reserve Bank of India (RBI) to operate as payments aggregators (PA).
The central bank has sought comments on the draft guidelines till June 30. These can be sent through email or post to the Chief General Manager, Department of Payment and Settlement Systems, Central Office, RBI in Mumbai.
Global payment processing firm Stripe on Thursday announced to cut of over 1,000 jobs or 14 per cent of its staff.
European payments services provider Worldline and NPCI International Payments Ltd (NPIL) have entered into a partnership in a move to expand the acceptance of Indian payment means across Europe.
