India: total volume of digital payments 2022

In financial year 2022, almost 72 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 2022 (in billions)

Characteristic	Number of transactions in billions
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Release date

May 2022

More information

Region

India

Survey time period

FY 2018 to FY 2022

Supplementary notes

India's financial year begins in April and ends in March. For example, FY 2017 started in April 2016 and ended in March 2017.

Previous reports have been accessed for historical data.

Values have been rounded for clarity.

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