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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
898 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
1.95 Mn
Business correspondents (BCs) in India
As of Mar ’24
2,729 Mn
Worth of transactions conducted by BCs in 2022
As of Mar ’24
705.4 Mn
Basic Savings Bank Deposit Accounts opened till date
As of Mar ’24
523 Mn
PMJDY beneficiary accounts in India
As of Mar ’24
357 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
965 Mn
Debit cards currently in circulation
As of Mar ’24
102 Mn
Credit cards currently in circulation
As of Mar ’24
1.5 Bn
Prepaid instruments (PPIs) currently issued to users
As of Jun ’24
216,600
Operational ATM machines in India
As of Mar ’23
1.5 Mn
Operational microATM machines in India
As of Mar ’24
9 Mn
Operational PoS machines in India
As of Mar ’24
346 Mn
Operational static and dynamic UPI QRs in India
As of Mar ’24
USD 30 Bn
Worth of monthly cash withdrawals done
As of Mar ’24
219,100
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
Changes in AePS transaction limits and rising perceptions of fraud have led to a steady decline in AePS transaction volume from Q1 FY 2022
- A sharp decline in the value of Aadhaar Enabled Payment System (AePS) transactions began in Q1 2022 and has continued for a few quarters. A few factors could explain this trend.The NPCI introduced... Read More
ON-US transactions overtook OFF-US transactions in the share of rising AePS transaction volume
- Aadhaar Enabled Payment System (AePS) transaction volumes have increased consistently over the past four years. During this phase, ON-US transactions gradually overtook OFF-US transactions. This has led to an increase in AePS’s... Read More
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Quarterly trends for the selected payment instrument
The RBI expands PPI issuance for public transit, thus enhancing digital payment accessibility
- The Reserve Bank of India (RBI) amended regulations to allow both banks and nonbank entities to issue prepaid payment instruments (PPIs) for public transit services. This expansion covers a wide... Read More
The 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 RBI’s 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
NPCI launches UPI Circle to allow UPI users to delegate payments
- In August 2023, the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) introduced a new feature called UPI Circle. It allows primary Unified Payment Interface... Read More
Hitachi Payment Services and the NPCI launched India’s first Android-based CRM ATM, which will facilitate cash withdrawals through UPI
- Hitachi Payment Services introduced the country’s first Android-based cash recycling machine (CRM) ATM in collaboration with the National Payments Corporation of India (NPCI). Launched at the Global Fintech Fest... Read More
India and Malaysia collaborate to link UPI with Malaysia’s PayNet system to facilitate seamless cross-border transactions
- India announced plans to link its Unified Payments Interface (UPI) with Malaysia’s PayNet system after discussions between the Indian and Malaysian prime ministers. This collaboration seeks... Read More
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Quarterly trends for the selected payment instrument
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 RBI refined regulations for debit card issuance and usage to enhance security and user control
- The Reserve Bank of India (RBI) amended regulations to prohibit banks from issuing debit cards to cash credit or loan accounts. However, this restriction does not apply to overdraft facilities... 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 mandated all credit card payments to be processed through BBPS
- The Reserve Bank of India (RBI) mandated that all credit card payments be processed through the Bharat Bill Payment System (BBPS) from 1st July 2024. This directive seeks to enhance... Read More
The RBI expanded BBPS to streamline B2B transactions—potentially reshaping the business payment landscape
- The Reserve Bank of India (RBI) announced the expansion of the Bharat Bill Payment System (BBPS) to include business enablement platforms to centralize and streamline business-to-business (B2B) payments and... Read More
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... Read More
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Quarterly trends for the selected payment instrument
The RBI proposes a continuous cheque-clearing system to accelerate payment processing and enhance efficiency
- The Reserve Bank of India (RBI) announced plans to implement a continuous clearing system for cheques with “on-realization-settlement” in the Cheque Truncation System (CTS). This new approach seeks to significantly... Read More
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... 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 faced challenges with ATM shortages and procurement guidelines
- Banks raised concerns with the government and the Reserve Bank of India (RBI) around the shortage of automated teller machines (ATMs) and the need for clearer guidelines on procurement through... Read More
India’s banking system liquidity deficit hit a record high of INR 3.34 trillion in January 2024
- Public sector banks appealed to the Finance Ministry to allow them to hold government cash balances, currently maintained with the Reserve Bank of India (RBI). This request came at... 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 that 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 1 crore transactions on 29th February 2024. This marked the highest-ever number of transactions processed in a single day. This... Read More
The 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
-
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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