In financial year 2023, almost 114 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.
Total number of digital payments across India from financial year 2018 to 2023
(in billions)
Characteristic
Number of transactions in billions
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Reserve Bank of India. (May 30, 2023). Total number of digital payments across India from financial year 2018 to 2023 (in billions) [Graph]. In Statista. Retrieved June 18, 2024, from https://www.statista.com/statistics/1251321/india-total-volume-of-digital-payments/
Reserve Bank of India. "Total number of digital payments across India from financial year 2018 to 2023 (in billions)." Chart. May 30, 2023. Statista. Accessed June 18, 2024. https://www.statista.com/statistics/1251321/india-total-volume-of-digital-payments/
Reserve Bank of India. (2023). Total number of digital payments across India from financial year 2018 to 2023 (in billions). Statista. Statista Inc.. Accessed: June 18, 2024. https://www.statista.com/statistics/1251321/india-total-volume-of-digital-payments/
Reserve Bank of India. "Total Number of Digital Payments across India from Financial Year 2018 to 2023 (in Billions)." Statista, Statista Inc., 30 May 2023, https://www.statista.com/statistics/1251321/india-total-volume-of-digital-payments/
Reserve Bank of India, Total number of digital payments across India from financial year 2018 to 2023 (in billions) Statista, https://www.statista.com/statistics/1251321/india-total-volume-of-digital-payments/ (last visited June 18, 2024)
Total number of digital payments across India from financial year 2018 to 2023 (in billions) [Graph], Reserve Bank of India, May 30, 2023. [Online]. Available: https://www.statista.com/statistics/1251321/india-total-volume-of-digital-payments/