Consolidated progress chart of all payment instruments
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1258%
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
1013 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
2534 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
1,22,298
Scheduled commercial bank branches in India
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
2,15,400
Operational ATM machines in India
As of Mar ’23
1.4 Mn
Operational microATM machines in India
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
2,12,100
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
IPPB, a key player driving AePS transactions, has revised its AePS service charges:
- India Post Payment Bank (IPPB) has been driving a large volume and value of AePS transactions. In the past two years, most of these transactions were for government-to-person (G2P) payments in... Read More
DFS is in talks with the NPCI to extend AePS services to all the 800+ cooperative banks in the country:
A new security feature to the AePS infrastructure will improve the authentication and security of transactions:
- The Unique Identification Authority of India (UIDAI) has introduced a new security feature to AePS point-of-sale (PoS) devices called “fingerprint liveliness” as part of a software... Read More
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Quarterly trends for the selected payment instrument
NPCI's latest wallet interoperability norms intend to benefit PPI or wallet issuers but may cause friction between customers and merchants:
- In a press release dated 29th March 2023, the National Payments Corporation of India (NPCI) announced that starting April 2023, it will allow wallet and PPI operators to... Read More
The RBI’s latest regulation on non-compliance and penalties has disrupted the “buy-now-pay-Later (BNPL)” market:
- Digital wallets and prepaid card operators have grown in the past few years. Many of these PPI operators also provide BNPL services, which are credit lines or pre-set borrowing limits that allow... 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
NPCI recently launched UPI Lite and RuPay card linkage with UPI; Paytm Payments Bank and HDFC Bank are among the early adopters to facilitate these features to customers:
- One of the features is “UPI Lite,” which allows users to conduct transactions using an “on-device” wallet and not from a linked bank account. Users will have to add money to... Read More
UPI activation is now possible with Aadhaar instead of debit cards:
- Many people in India have a bank account but do not use debit cards. These people have so far failed to use UPI, as providing the details of a valid debit card... Read More
India’s UPI and Singapore’s PayNow’s partnership is a crucial development in the nation’s cross-border imperative:
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Quarterly trends for the selected payment instrument
Credit card issuance on the rise; monthly spendings cross INR 1 trillion mark:
- The credit card user base has seen a major rise, with 1.3 million cards issued in January 2023, making the total number of credit cards issued reach 82.5... Read More
RuPay credit card linkage on UPI to boost merchant adoption:
- Indian merchants, especially micro and small merchants, are set to adopt credit card transactions as RuPay credit cards go live on UPI. Starting in 2020, the RBI has instructed banks in India... Read More
RBI issued new rules on the issuance of credit cards:
- As per the notification, scheduled commercial banks (SCBs) and urban cooperative banks (UCBs) with a net worth of INR 1 billion and more are solely authorized... Read More
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Quarterly trends for the selected payment instrument
The total number of cards issued in India crossed the one billion mark, with debit cards having a 92% share:
- The total number of debit cards in circulation in India reached 940 million by the end of 2022, forming the majority share of the total number of cards... Read More
Customers moving small ticket-size transactions to UPI has led to an industry-wide fall in debit card transactions:
- Many Indians are moving away or have already moved away from debit cards. They are among a growing user base that has widely embraced UPI payments over debit card... Read More
Cardless cash withdrawal at ATMs—a feature making it less relevant for Indians to issue and carry physical debit cards:
- Using the cardless ATM feature is similar to using a mobile wallet to pay at a store. In India, certain banks like the State Bank of India (SBI), HDFC... Read More
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Quarterly trends for the selected payment instrument
Credit card users can now use the IMPS-P2A feature to repay their credit card bills:
- As of date, users can use IMPS to carry out peer-to-peer (P2P) or peer-to-merchant (P2M) payments. Moreover, they can also use the IMPS-P2A (peer-to-account) feature to make repayments against their credit... Read More
RBI’s push to further fuel IMPS’ growth:
- In Q4 CY 2021, RBI announced new policy measures for IMPS, including other online and offline payment modes. In one of its policy measures, RBI proposed to increase the... Read More
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Quarterly trends for the selected payment instrument
BillAvenue, a platform specializing in assisted online bill payments, adds 1 million agents; targets reaching 5 million agents by 2025:
- BillAvenue is an online bill payments platform that continues to dominate more than 90% of the biller market share within BBPS. BillAvenue claims to have onboarded more than 1... Read More
BBPS is set to support all non-recurring payments and collection requests as well:
- BBPS currently does not support non-recurring payments or collection requirements of individuals even if they are recurring. For example, professional service fee payments, education fees, tax payments, rent collections, and other payments... Read More
Users can now use BBPS to prepay against their loans:
- While BBPS users already had the option to pay their EMIs through BBPS, now they can also prepay their loans. NPCI has already rolled out this... Read More
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Quarterly trends for the selected payment instrument
E-cheques still remain a farfetched concept as a replacement for physical cheques:
- Paper cheques enjoy immense popularity but are sometimes considered inefficient financial instruments due to fraud and efforts related to physical issuance and deposits, among other reasons. Moreover, a large number of... Read More
Cheques are a primary option for those who tend to make high-value payments:
- Cheques provide their users with the advantage of making transactions above INR 1 million, which is a limitation for most of the other commonly-used digital payment channels, as of now. Because of... Read More
RBI tightening regulations under the CTS may further bring down cheques’ transaction metrics:
- Earlier, banks could seamlessly process cheques with values under INR 500,000 while having the option to reconfirm the cheque and payment details with the cheque issuer before processing the... Read More
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Quarterly trends for the selected payment instrument
Despite being a unique product, BAP is yet to reach its optimal performance:
- The adoption of BAP was sub-par with an average monthly transaction volume of ~1.6 million during Q4 CY 2022. The low adoption was despite a strong use case that allows customers... Read More
BAP’s uptake is almost negligible in urban and semi-urban regions while inching toward growth in rural India:
- A lukewarm push from banks, lack of obvious customer demand, non-compatibility of biometric scanners, and the initial CAPEX required by merchants to facilitate biometric devices continued to slow BAP’s progress. In urban... Read More
BAP faces competition from other payment instruments:
- Cash and UPI-based offline QR-based transactions like UPI Lite continued to give stiff competition to BAP as these tend to be customers’ first choices for making P2M payments. Moreover,... Read More
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Quarterly trends for the selected payment instrument
Despite the uptick in digital payments, cash maintains its share in total transactions. However, cash is not king anymore:
- December 2022 saw a total cash withdrawal of INR 3 trillion, whereas, if we compare it against the most popular digital payments mode in India—UPI, cash... Read More
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Quarterly trends for the selected payment instrument
SFBs providing unlimited NEFT transactions to their customers:
- A key reason why people choose NEFT to transfer funds from one bank account to another is that RBI levies absolutely no NEFT amount transfer limit. However, it... Read More
The government’s move to introduce 96% of post offices to the core banking system will further aid NEFT’s growth:
- India Post has brought 96% of post offices countrywide under the core banking system (CBS) to implement the “Anytime-Anywhere Post Office Savings” service. This service... Read More
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Quarterly trends for the selected payment instrument
USSD saw a reduction in transactions compared to its initial years:
- The transaction volume and value in Q4 CY 2022 showed a Q-o-Q increase of 6% and 3%, respectively. However, the low numbers in *99# (USSD) transaction volumes and values suggest its... Read More
UPI 123Pay has the potential to replace USSD as a feature-phone-friendly payment system:
- The core pillar of UPI 123Pay is based on the interactive voice response (IVR) model. This payment mode will not require any tech-heavy interaction from the users’ side, where... Read More
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Quarterly trends for the selected payment instrument
NACH is on a path of constant growth:
- The transaction volume and value in Q4 CY 2022 showed a Y-o-Y growth of 19% and 42%, respectively. NACH has seen an increase in the volume of recurring payments due to... Read More
Though lenders and other FSPs play a crucial role in NACH’s growth, they still witness higher transaction bounce rates:
- NACH makes it easier for FSPs to collect payments from their customers. This has led to its increased adoption by FSPs like banks or microfinance institutions (MFIs) to collect loan repayments and... Read More
RBI increasing the mandated limit for NACH transactions may result in a higher value of transactions:
- As per the latest RBI Monetary Policy Committee report, it plans to increase the NACH mandate limit for Trade Receivables Discounting System (TReDS) settlements from INR 10 million to... Read More
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AePS
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PPIs
-
UPI
-
Credit Card
-
Debit Card
-
IMPS
-
BBPS
-
CTS
-
BAP
-
Cash
-
NEFT
-
*99#
-
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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