In financial year 2020, real time gross settlement systems (RTGS) reported the highest value of digital payments in the Indian retail sector at 1.3 trillion Indian rupees. Although unified payments systems (UPI) had been most popular in terms of volume, these transactions were valued only 23 billion Indian rupees.
Most digital transfer modes had been implemented within the last decade. In comparison to financial year 2011, only the values of paper-based instruments and ECS (Electronic Clearing Service) decreased.
Value of digital payments in retail in India in financial year 2011, 2016, and 2020
(in billion Indian rupees)
India's financial year begins in April and ends in March. For example, FY 2020 started in April 2019 and ended in March 2020.
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; UPI denotes unified payments interface; 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.
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Reserve Bank of India. (January 25, 2021). Value of digital payments in retail in India in financial year 2011, 2016, and 2020 (in billion Indian rupees) [Graph]. In Statista. Retrieved October 04, 2024, from https://www.statista.com/statistics/1222082/india-value-of-digital-payments-in-retail/
Reserve Bank of India. "Value of digital payments in retail in India in financial year 2011, 2016, and 2020 (in billion Indian rupees)." Chart. January 25, 2021. Statista. Accessed October 04, 2024. https://www.statista.com/statistics/1222082/india-value-of-digital-payments-in-retail/
Reserve Bank of India. (2021). Value of digital payments in retail in India in financial year 2011, 2016, and 2020 (in billion Indian rupees). Statista. Statista Inc.. Accessed: October 04, 2024. https://www.statista.com/statistics/1222082/india-value-of-digital-payments-in-retail/
Reserve Bank of India. "Value of Digital Payments in Retail in India in Financial Year 2011, 2016, and 2020 (in Billion Indian Rupees)." Statista, Statista Inc., 25 Jan 2021, https://www.statista.com/statistics/1222082/india-value-of-digital-payments-in-retail/
Reserve Bank of India, Value of digital payments in retail in India in financial year 2011, 2016, and 2020 (in billion Indian rupees) Statista, https://www.statista.com/statistics/1222082/india-value-of-digital-payments-in-retail/ (last visited October 04, 2024)
Value of digital payments in retail in India in financial year 2011, 2016, and 2020 (in billion Indian rupees) [Graph], Reserve Bank of India, January 25, 2021. [Online]. Available: https://www.statista.com/statistics/1222082/india-value-of-digital-payments-in-retail/
