Payment systems customer usage CAGR India 2014-2019

The recently introduced Aadhaar Enabled Payment System saw the most compound annual growth rate between fiscal years 2015 and 2019 with a 782 percent growth. On the other hand, payment transactions via bank checks saw a loss indicating that people were slowly but steadily moving away from this payment system.
India has a variety of options for payments and monetary transactions including a heavily cash-driven system and also a growing digital payments user base.

CAGR of customer usage of payment systems across India between FY 2015 to FY 2019

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Source

Release date

May 2019

Region

India

Survey time period

FY 2015 and FY 2019

Supplementary notes

Note: RTGS denotes real time gross settlement systems; paper clearing denotes all the paper-based payment systems such as checks and cash; NEFT denotes the national electronic funds transfer system maintained by the Reserve Bank of India; NACH denotes the national automated clearing house to help bulk and repetitive transactions through banks; IMPS denotes immediate payment services as instant inter-bank transfers; AEPS denotes the Aadhaar Enabled Payment System; PPI denotes the prepaid payment instruments.

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