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Consolidated progress chart of all payment instruments
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1,258%
Digital payments and cash compared to India’s GDP
As of Mar ’23
19.6%
Currency in circulation compared to India’s GDP
As of Mar ’24
6%
Drop in cash as a preferred mode for e-commerce payments
As of 2023
1,013 Mn
Smartphone users in India
As of 2023
884 Mn
Mobile internet subscriptions in India
As of Mar ’24
18.4 GB
Wireless data usage per user in India
As of Jun ’23
38.2 Mn
Aadhaar(s) issued in India
As of Mar ’24
2.11 Mn
Business correspondents (BCs) in India
As of Mar ’23
2,534 Mn
Worth of transactions conducted by BCs in 2022
As of Mar ’23
678 Mn
Basic Savings Bank Deposit Accounts opened till date
As of Mar ’23
517 Mn
PMJDY beneficiary accounts in India
As of Mar ’24
353 Mn
RuPay debit cards issued to PMJDY beneficiary accounts
As of Mar ’24
126,445
Scheduled commercial bank branches in India
As of Mar ’23
964 Mn
Debit cards currently in circulation
As of Mar ’24
101 Mn
Credit cards currently in circulation
As of Mar ’24
1.6 Bn
Prepaid instruments (PPIs) currently issued to users
As of Jun ’23
216,600
Operational ATM machines in India
As of Mar ’23
1.8 Mn
Operational microATM machines in India
As of Mar ’24
9 Mn
Operational PoS machines in India
As of Mar ’24
352 Mn
Operational static and dynamic UPI QRs in India
As of Mar ’24
USD 35 Bn
Worth of monthly cash withdrawals done
As of Mar ’24
218,100
Billers live on BBPS
As of Mar ’24
6
Existing e-RUPI use-cases
As of Mar ’24Payments instruments in India
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AePS
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PPIs
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UPI
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Credit card
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Debit card
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IMPS
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BBPS
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CTS
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BAP
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Cash
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NEFT
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*99#
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NACH
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e-RUPI
Aadhaar-enabled Payment System (AePS)
Note: The total includes Onus and Offus transactions, excluding uncategorized transactions.
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Quarterly trends for the selected payment instrument
AePS transactions declined amid increased security checks and fraud prevention measures
- AePS transactions saw an 8% decline in value, which amounted to INR 230.5 billion (USD 2.77 billion) in January 2024. The volume of transactions decreased from 95 million to... Read More
NPCI revised AePS transaction limits to INR 50,000 (~USD 600) per month
- The National Payments Corporation of India (NPCI) updated the transaction limits for the Aadhaar Enabled Payment System (AePS). Issuer banks are now advised to set a... Read More
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Quarterly trends for the selected payment instrument
The National Payments Corporation of India (NPCI) announced an interchange charge for PPI wallets on UPI
- In April 2023, the NPCI introduced an interchange charge of 1.1% for merchant transactions. This applies to merchant transactions through prepaid payment instruments (PPI) wallets on Unified Payments Interface (UPI)... Read More
The Reserve Bank of India (RBI) introduced stricter rules for prepaid payment instruments (PPIs) on UPI platforms
- The RBI has implemented strict regulations that govern the use of PPIs on Unified Payments Interface (UPI) platforms. A recent circular issued by the National Payments Corporation of India... Read More
The Reserve Bank of India’s (RBI) regulations on non-compliance and penalties disrupted the “buy now pay later” (BNPL) market
- Digital wallets and prepaid card operators have proliferated recently. Many offer BNPL services, which provide short-term credit lines or preset borrowing limits to allow customers to access credit up... Read More
Unified Payments Interface (UPI)
Note : P2P and P2M bifurcation unavailable till March '20. We can assume
that majority of the total transactions were P2P in nature.
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Quarterly trends for the selected payment instrument
UPI transactions’ value reached a record high of INR 18.41 trillion (USD 221 billion) in January 2024
- In January 2024, the value of Unified Payment Interface (UPI) transactions reached a record high of INR 18.41 trillion (USD 221 billion). This marked consecutive months of transaction values that... Read More
India and UAE signed an agreement to interlink UPI and Aani for seamless cross-border transactions
- In February 2024, India and the UAE signed an agreement to interlink India’s Unified Payments Interface (UPI) system with the UAE’s instant payments platform Aani. This collaboration sought to... Read More
NPCI to review its decision to cap the UPI market share for third-party platforms by year-end 2024
- Per a report by the Business Standard in April 2024, the National Payments Corporation of India (NPCI) will review its decision to cap the market share... Read More
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Quarterly trends for the selected payment instrument
Credit card defaults in India rose to INR 4,072 crore (USD 490 million) in FY23
- Credit card defaults in India increased to INR 4,072 crore (USD 490 million) in the financial year 2022-23, which was an increase of INR 950 crore (USD 115 million) from... Read More
RuPay credit card spending surged in December 2023
- RuPay credit card spending in India surpassed INR 100 billion (USD 1.2 billion) in December. This is boosted by the growing popularity of credit card transactions via the Unified... Read More
- HDFC Bank becomes the first bank in India to have 20 million credit cards in force
- HDFC Bank, a leading private sector lender, achieved a significant milestone as it became the first bank in India to have 20 million credit cards in force (CIF).... Read More
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Quarterly trends for the selected payment instrument
The Reserve Bank of India (RBI) mandated choice between multiple card networks for customers
- From 1st October 2023, banks in India started to provide customers the option to choose from multiple card networks, such as Visa, Mastercard, and RuPay, for their debit, credit, and... Read More
The Reserve Bank of India (RBI) expanded the scope of Card on File Tokenization (CoFT) to banks, which issue debit cards
- The RBI expanded the scope of CoFT to enhance digital payment security. Previously, merchants offered tokenization exclusively, but the RBI announced plans to enable CoFT through card-issuing banks and... Read More
The Goods and Service Tax (GST) portal introduced debit and credit cards as payment options
- The latest update of the GST portal introduced a new function, which allows GST payers to pay with debit or credit cards through the Kotak Mahindra... Read More
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Quarterly trends for the selected payment instrument
NPCI introduced a simplified IMPS rule for transactions up to INR 500,000 (USD 6,000) through mobile number and bank name
- The National Payments Corporation of India (NPCI) has simplified the Immediate Payment Service (IMPS) process. Now, users can send up to INR 500,000 (USD 6,000) without the need to add... Read More
NPCI introduced the UDIR system to streamline complaint handling for IMPS
- The National Payments Corporation of India (NPCI) introduced the Unified Dispute and Issue Resolution (UDIR) system to streamline complaint handling for Immediate Payment Service (IMPS) transactions. This system serves as a bridge... Read More
Credit card users can now use the IMPS-P2A feature to repay their credit card bills
- As of March 2023, users can use Immediate Payment Service (IMPS) for peer-to-peer (P2P) or peer-to-merchant (P2M) payments. They can also use the IMPS-P2A (peer-to-account) feature for repayments against... Read More
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Quarterly trends for the selected payment instrument
The RBI expanded BBPS’s scope to include nonbank payment aggregators
- The Reserve Bank of India (RBI) announced that it has expanded the Bharat Bill Payment System’s (BBPS) scope to enable nonbank payment aggregators to participate as operating units. This move... Read More
The RBI introduced revised BBPS guidelines to enhance customer protection
- The Reserve Bank of India (RBI) announced that it has expanded the Bharat Bill Payment System’s (BBPS) scope to enable nonbank payment aggregators to participate as operating units. This... Read More
The RBI introduced revised BBPS guidelines to enhance customer protection
- The Reserve Bank of India (RBI) introduced the Bharat Bill Payment Systems Directions, 2024, which came into effect on 1st April 2024. These guidelines seek to... Read More
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Quarterly trends for the selected payment instrument
The rise in the value of CTS transactions indicates that people primarily use cheques for high-value payments, such as settlements and large purchases
- The value of Cheque Truncation System (CTS) transactions in India saw a significant rise in 2023. They reached approximately INR 5.84 trillion (USD 70 billion) in October 2023 from INR... Read More
The Minister of State for Finance highlighted CTS’s role in the digitization of the paper cheque system
- The Minister of State for Finance highlighted how the Cheque Truncation System (CTS) is operational across India to make cheque processing safer and more efficient. This... Read More
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Quarterly trends for the selected payment instrument
NPCI issues new guidelines for merchant acquisition on BHIM Aadhaar Pay
- The National Payments Corporation of India (NPCI) issued new guidelines for the acquisition of merchants on the BHIM Aadhaar Pay platform on 8th May 2024. These guidelines seek to streamline... Read More
Challenges in the AePS may affect BAP’s adoption
- The Aadhaar Enabled Payment System (AePS) is the underlying system for BHIM Aadhaar Pay (BAP). It faces several challenges that can impact BAP’s adoption. AePS has encountered a high transaction failure rate... Read More
BAP faces competition from other payment instruments
- Cash and United Payments Interface (UPI)-based offline transactions through QR codes, such as UPI Tap & Pay, continue to give stiff competition to BHIM Aadhaar Pay (BAP). Customers prefer... Read More
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Quarterly trends for the selected payment instrument
- Banks to replace 40,000 aging ATMs and add 10,000 new ones in the next 12-18 months
- As per industry estimates, banks in India are expected to undergo a significant ATM refresh and expansion cycle over the next 12-18 months. This involves the replacement of approximately 40,000... Read More
India’s banking system liquidity deficit hit a record high of INR 3.34 trillion in January 2024
- The Reserve Bank of India (RBI) tightened banking liquidity in mid-2023 to combat inflation. This came after banks had excess cash due to the withdrawal of INR 2,000 (USD... Read More
The Reserve Bank of India (RBI) to phase out incremental cash reserve ratio (ICRR) gradually
- The RBI decided to phase out the ICRR gradually. The ICRR is a temporary rule by the RBI, which mandates banks to set aside a percentage... Read More
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Quarterly trends for the selected payment instrument
NEFT processes recorded 4.1 crore transactions in a single day on 29th February 2024
- The National Electronic Funds Transfer (NEFT) system processed a record-breaking 4.1 crore transactions on 29th February 2024. This marked the highest-ever number of transactions processed in a single day. This... Read More
The Reserve Bank of India (RBI) introduced changes in the NEFT system to report FCRA donations
- The RBI implemented necessary changes in the National Electronic Funds Transfer (NEFT system for Foreign Contribution (Regulation) Act (FCRA)-related transactions. This came after the Home Ministry’s directive that mandated... Read More
- Microfinance institutions (MFIs) and banks drive massive volumes
- Almost all MFIs in India now use cashless modes to disburse loans to their customers. As per a KPMG report, 88% of loan disbursements in MFIs... Read More
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Quarterly trends for the selected payment instrument
Unstructured supplementary service data (USSD) sees a significant drop in transaction value and volume
- The transaction volume for USSD in Q1 2024 showed a quarter-on-quarter(QoQ) drop of 22.7%. The QoQ transaction value decreased by 40% for the same quarter. Despite a gradual rise across the first two... Read More
The low profit margin for different stakeholders leads to further disinterest
- The USSD service incurs costs, such as short message service (SMS) and payment service provider (PSP) fees. Telecom operators bear these costs currently. However, they are reluctant to provide... Read More
Hello! UPI can replace unstructured supplementary service data (USSD) as a feature phone-friendly payment system
- The core pillar of Hello! UPI is based on the interactive voice response (IVR) model. This payment mode will not require any tech-heavy interaction from the users. It can... Read More
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Quarterly trends for the selected payment instrument
e-NACH remains the most chosen method to repay digital loans
- The Financial Mood of Millennials report on digital loans revealed that e-NACH is the most popular method among borrowers to repay digital loans, with UPI being the second. More than... Read More
The Ministry of Rural Development extended the mixed route approach of NACH and APBS for MGNREGA wage payments till December...
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Quarterly trends for the selected payment instrument
Banks offer incentives to boost the RBI’s e-RUPI transactions
- Indian banks have been introducing various incentives to increase the volume of transactions through e-RUPI. These incentives are similar to those offered for credit and debit card usage. They range... Read More
The RBI piloted e-RUPI for interbank borrowing with a focus on wholesale CBDC use cases
- The Reserve Bank of India (RBI) initiated a pilot to test e-RUPI in interbank borrowing. It involved nine banks that are part of the government securities pilot. This step... Read More
The RBI expanded e-RUPI voucher issuance to individuals for wider accessibility
- The Reserve Bank of India (RBI) announced its intent to allow e-RUPI voucher issuance on behalf of individuals. The RBI highlighted the need to simplify the... Read More
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AePS
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PPIs
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UPI
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Credit Card
-
Debit Card
-
IMPS
-
BBPS
-
CTS
-
BAP
-
Cash
-
NEFT
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*99#
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NACH
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You can click on any of the elements in the legend above to show or hide the corresponding instrument
Drag an instrument’s icon from the carousel above and drop it into any of the three boxes to compare them
Use the checkboxes to select and compare up to three instruments
You can click on any of the elements in the legend above to show or hide the corresponding instrument
Drag an instrument’s icon from the carousel above and drop it into any of the three boxes to compare them
Use the checkboxes to select and compare up to three instruments
You can click on any of the elements in the legend above to show or hide the corresponding instrument
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