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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
20.5%
Currency in circulation compared to India’s GDP
As of Jun ’23
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
826 Mn
Mobile internet subscriptions in India
As of Jun ’23
17.4 GB
Wireless data usage per user in India
As of Mar ’23
26 Mn
Aadhaar(s) issued in India
As of Aug ’23
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
496 Mn
PMJDY beneficiary accounts in India
As of Jul ’23
336 Mn
RuPay debit cards issued to PMJDY beneficiary accounts
As of Mar ’23
122,298
Scheduled commercial bank branches in India
As of Apr ’23
975 Mn
Debit cards currently in circulation
As of Jun ’23
88 Mn
Credit cards currently in circulation
As of Jun ’23
1.6 Bn
Prepaid instruments (PPIs) currently issued to users
As of Jun ’23
215,400
Operational ATM machines in India
As of Mar ’23
1.4 Mn
Operational microATM machines in India
As of Apr ’23
8 Mn
Operational PoS machines in India
As of Jun ’23
277 Mn
Operational static and dynamic UPI QRs in India
As of Jun ’23
USD 32 Bn
Worth of monthly cash withdrawals done
As of Jun ’23
21,211
Billers live on BBPS
As of Aug ’23
13
Existing e-RUPI use-cases
As of Apr ’23Payments 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
NPCI mandated biometric authentication as a measure against AePS fraud
- The National Payments Corporation of India (NPCI) has been taking proactive steps to combat the misuse of customers’ credentials in fraudulent activities that target bank accounts. NPCI has instructed acquirer banks to... Read More
UIDAI adopted AI and facial recognition to combat Aadhaar Enabled Payment System (AePS) fraud
- The Unique Identification Authority of India (UIDAI) has turned to artificial intelligence (AI)-based systems to enhance security in response to growing concerns over fraud in AePS. This initiative includes the development of... 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 cumulative monthly... Read More
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Quarterly trends for the selected payment instrument
The National Payments Corporation of India (NPCI) announced interchange charges 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), which exceed... 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 (NPCI) directs... 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
The RBI increased the UPI transaction limit for hospitals and educational institutions to INR 500,000 (USD 6,000)
- The Governor of the Reserve Bank of India (RBI) announced an increase in the transaction limit for Unified Payments Interface (UPI) payments for hospitals and educational institutions in the Monetary Policy Committee... Read More
NPCI mandated the deactivation of inactive UPI IDs and numbers to enhance security
- The National Payments Corporation of India (NPCI) issued directives to banks and mobile payment applications to deactivate UPI IDs and associated numbers linked to accounts that have remained inactive for one... Read More
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Quarterly trends for the selected payment instrument
India saw a remarkable growth in credit card usage
- India witnessed a remarkable surge in the proliferation of credit cards, as the total number of outstanding credit cards inching close to the 100 million mark. As of December 2023, there were... 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 Payments Interface... 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 prepaid cards.... 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 institutions. CoFT... 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 payment gateway.... 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 the beneficiary’s... 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 is a bridge for... 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
NPBL integrated SBI Card into Bharat BillPay for streamlined credit card bill payments
- NPCI Bharat BillPay (NBBL) integrated SBI Card into Bharat BillPay’s credit card category. It is among India’s leading credit card issuers. This integration is a significant step to simplify millions of customers’... Read More
BBPS expanded to offer B2B payments and other value-added services for businesses
- NPCI Bharat BillPay Ltd. (NBBL), a subsidiary of the National Payments Corporation of India (NPCI), has expanded its services to include the business-to-business (B2B) category. Under this category, Bharat BillPay (BBPS)... Read More
RBI to streamline processes and membership criteria for BBPS
- On 6th September 2023, the Reserve Bank of India (RBI) Governor announced plans to streamline processes and membership criteria for the Bharat Bill Payment System (BBPS). The central... 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 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 3.85 trillion... Read More
Punjab National Bank mandated the Positive Pay System for cheques valued more than INR 500,000 (USD 6,014)
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 came in... Read More
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Quarterly trends for the selected payment instrument
The National Payments Corporation of India (NPCI) tightened security for BHIM Aadhaar Pay (BAP) transactions
- The NPCI implemented new security measures for BAP in response to increasing fraud. The enhanced security protocols include two-factor authentication for business correspondents and agents, alongside a mandatory Aadhaar biometric authentication. For... 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
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 24) currency notes.... 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 of their total deposits as... Read More
The National Payments Corporation of India (NPCI) and Hitachi Payment Services introduced India’s first UPI ATM, which enables users to...
- In September 2023, Hitachi Payment Services introduced India’s first United Payments Interface (UPI) Automated Teller Machine (ATM). This white label ATM (WLA), developed in collaboration with the NPCI,... Read More
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Quarterly trends for the selected payment instrument
UPI’s growth outpaced NEFT, yet NEFT remains crucial for business-to-business transactions
- United Payment Interface’s (UPI) rapid growth in the digital payments landscape has impacted National Electronic Fund Transfer’s (NEFT) growth rate. In November 2023, UPI transactions grew by 46% year-over-year, while NEFT’s growth... Read More
The Reserve Bank of India (RBI) introduced changes in the NEFT system to report FCRA donations
- The RBI has 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 the... 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 are done... Read More
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Quarterly trends for the selected payment instrument
Unstructured supplementary service data (USSD) sees a gradual rise in transaction value, volume, and uptake by banks
- The transaction volume for USSD in Q4 Calendar Year 2023, showed a Quarter-on-Quarter increase of 9.4%. The QoQ transaction value increased by 6% for the same quarter. While the relatively low numbers for... 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 these services... 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
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 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 from cashback... Read More
The RBI piloted e-RUPI for inter-bank borrowing with a focus on wholesale CBDC use cases
- The Reserve Bank of India (RBI) initiated a pilot to test e-RUPI in inter-bank borrowing. It involved nine banks that are part of the government securities pilot. This step seeks to... 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 issuance and... Read More
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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
-
BAP
-
Cash
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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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