DIGITAL & TRENDS

Digital payments in India

 Table of Contents

01 Market overview UPI usage in India in FY 2022, by platform 21

Value of UPI digital payments across India FY 2017-2022 22
Value of digital transactions in India FY 2020-2026 03
Volume of PPI payments India FY 2014-2022 23
Volume of digital payments India FY 2018-2022 04
Value of digital payments India FY 2018-2022 05
04 Market players
Digital payments in India FY 2018-2023, by transaction type 06
Value of card payments India FY 2014-2022 07 Preferred e-payment services used India 2020 25

Value of mobile wallet transactions in India FY 2016-2021 08 Number of RuPay debit cards issued under PMJDY in India 2022, by sector 26
Value of monthly transactions on BHIM India 2016-2022 27

02 Infrastructure Revenue from operations of One97 Communications FY 2017-2021 28

Revenue of MobiKwik FY 2017-2021 29
Number of banks India FY 2016-2020 10
Revenue of Lendingkart in India FY 2019-2022 30
Number of commercial bank branches India 2016-2020 11
Number of ATMs under the NFS network India 2018-2022 12
05 Consumer impact from COVID-19
Partner banks for IMPS India 2013-2022 13
Number of NETC partner banks India 2016-2022 14 Preferred mode of payment since COVID-19 India 2020, by gender 32

Partner banks for *99# payments India 2022 15 Preferred mode of payment since COVID-19 India 2020, by age 33

Number of member banks affiliated to NFS India 2018-2022 16 COVID-19 impact on digital payments in India 2020 by type of purchase 34
COVID-19 impact on monthly transaction value per credit card India 2019-2020 35

03 Payment systems COVID-19 impact on monthly transaction value per debit card in India 2019-2020 36

Value of credit transfers India FY 2018-2022, by mode 18

Value of debit transfers India FY 2018-2022, by mode 19
RTGS transaction volume India FY 2014-2021 20

1
CHAPTER 01

Market overview
 Value of digital transactions across India in financial year 2020 and 2021,
with estimates until 2026 (in trillion Indian rupees)
Value of digital transactions in India FY 2020-2026

450

400 385
Value of transactions in trillion Indian rupees

350
302
300

250 228

200
162
150
110
100
60
42
50

0
FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026

3 Description: In financial year 2021, over 35 billion digital transactions worth over 60 trillion Indian rupees of transactions across India. The transaction value was estimated to rise up to over 385 trillion Indian rupees in financial year 2026 in the country. Read more
Note(s): India; FY 2020 and FY 2021
Source(s): PwC India; Reserve Bank of India
 Total number of digital payments across India from financial year 2018 to
2022 (in billions)
Volume of digital payments India FY 2018-2022

80
71.95
70
Number of transactions in billions

60

50
43.74

40
34

30
23.26

20
14.59

10

0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

4 Description: In financial year 2022, around 71 billion digital payments were recorded across India. This was a significant increase compared to the previous three years. Read more
Note(s): India; FY 2018 to FY 2022
Source(s): Reserve Bank of India
 Total value of digital payments across India from financial year 2018 to
2022 (in trillion Indian rupees)
Value of digital payments India FY 2018-2022

2,000

1,800 1,744.14
1,637.13 1,619.69
1,600
1,414.59
Value in trillion Indian rupees

1,369.87
1,400

1,200

1,000

800

600

400

200

0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

5 Description: In financial year 2022, digital payments in India amounted to over 1.7 quadrillion Indian rupees in total. This was an increase compared to the previous two years, when the total value stood above 1.4 quadrillion rupees, respectively. Read more
Note(s): India; FY 2018 to FY 2022
Source(s): Reserve Bank of India
 Total value of digital payments in India from financial year 2018 to 2022,
with an estimate for 2023, by transaction type (in billion Indian rupees)
Digital payments in India FY 2018-2023, by transaction type

Digital transactions BHIM transactions (mobile payment) Debit card

400

350 21.47
Digital payments in billion Indian rupees

21.14

300 92.3
86.72
250

200 16.99
41.11
150
12.88 239.69 248.32
100 18.78
153.31
7.76
6.26
50 97.77
3.34
0.91 52.05
20.7
0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

6 Description: In financial year 2022, digital payments in India reached a total of over 239 billion Indian rupees. This marks a significant increase from 20.7 billion Indian rupees in financial year 2018. Among the cashless payment options the mobile payment app BHIM
(Bharat Interface For Money) overtook debit card payments since 2018. The value of BHIM transactions and debit card transactions increased significantly between 2018 and 2022. Read more
Note(s): India; FY 2018 to FY 2022
Source(s): MeitY (India)
 Value of card payments in India from financial year 2014 to 2022 (in trillion
Indian rupees)
Value of card payments India FY 2014-2022

18

16

14
Value in trillion Indian rupees

12

10

17.02
8
14.35
12.92
6 11.97

9.19
4
6.58
2 3.99
2.22 2.54
0
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

7 Description: The value of card payments in India for the fiscal year 2022 amounted to approximately 17 trillion Indian rupees, an increase from the previous year. Except financial year 2021,there has been consistent increase in card payments since fiscal year 2014, as
a result of the government's initiative to digitize the country, catalyzed by the demonetization of currency notes in November 2016. Read more
Note(s): India; FY 2014 to FY 2022; including credit and debit cards
Source(s): Reserve Bank of India
 Value of mobile wallet transactions across India from financial year 2016
to 2021 (in billion Indian rupees)
Value of mobile wallet transactions in India FY 2016-2021

2,000
1,832.95
1,800

1,600 1,520.65
Value in billion Indian rupees

1,400

1,200

1,000

800

600

400

200
2.05 5.32 10.86
0
FY 2016 FY 2017 FY 2018 FY 2019 FY 2021

8 Description: The estimated value of mobile wallet transactions in financial year 2021 across India was over 1.5 trillion Indian rupees. Rising smartphone penetration along with increasing competition in the domestic market could be attributed to the growing value.
Read more
Note(s): India; FY 2016 to FY 2021
Source(s): Reserve Bank of India
CHAPTER 02

Infrastructure
 Number of banking outlets in India from financial year 2016 to 2020 (per
100,000 population)
Number of banks India FY 2016-2020

120

98.8
Number of banks per 100,000 population

100

85.4

80

59.9 60.5 60.9

60

40

20

0
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

10 Description: In financial year 2020, more than 98 banking outlets were available per 100,000 population in India. It was a significant increase compared to the figures recorded a year before. The State Bank of India in the public sector, along with HDFC in the private
sector were popular brands in the sector. Read more
Note(s): India; FY 2016 to FY 2020
Source(s): MOSPI; Reserve Bank of India
 Number of commercial bank branches in India from 2016 to 2020 (per
100,000 adults)
Number of commercial bank branches India 2016-2020

16
14.51 14.5 14.58 14.74
14.21
14
Number of bank branches per one hundred

12

10
thousand adults

0
2016 2017 2018 2019 2020

11 Description: In 2020, there were around 14.74 commercial bank branches per 100,000 adults in India, compared to approximately 14.21 commercial bank branches per 100,000 adults in 2016. Since 2016, digital payments in the country soared as a result of
demonetization. Read more
Note(s): India; 2004 to 2020
Source(s): IMF
 Number of ATMs under the NFS network in India from August 2018 to
January 2022 (in 1,000s)
Number of ATMs under the NFS network India 2018-2022

260

255
255 254254
Number of ATMs in thousands

253253253
252252252252252
251 251
250 250
250 249 249249249 249
248 248248
247 247
246
245
245 244
243
242242242242242
241241

240 238 239239 238 239

235
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D m r 20 0

D m r 20 1
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12 Description: The number of ATMs under the National Financial Switch (NFS) network amounted to over 255 thousand as of January 2022. The NFS is India's largest network of ATMs with nearly 1,200 affiliated members and over 300 million transactions. Read more
Note(s): India; August 2018 to January 2022
Source(s): NPCI
 Number of partner banks for IMPS in India from September 2013 to
January 2022
Partner banks for IMPS India 2013-2022

700 638 647

642
639 641
639 649
644637645
643
620
618 629
623
611
603
578
576
573 590
585
579
600 559
556 570
567
546
538
498
498
498
498
498
498
500
Number of banks

394
394
394
394
394
394
394
394
400 364
364
364
341
341
323
296303
296
300 261
261
236239
236239
239
187
182
180 193
192
190
169
164 175
171
200 143
125
124
117 134
132
104
100
95 111
108
92
7374768184
100 595959595959606062636567697171

0
September 2013

September 2014

September 2015

September 2017

September 2018

September 2019

September 2020

September 2021
September  2016
November 2013

November 2014

November 2015

November 2016

November 2017

November 2018

November 2019

November 2020

November 2021
March 2014
May 2014

March 2015
May 2015

March 2016
May 2016

March 2017
May 2017

March 2018
May 2018

March 2019
May 2019

March 2020
May 2020

March 2021
May 2021
July 2014

July 2015

July 2016

July 2017

July 2018

July 2019

July 2020

July 2021
January 2014

January 2015

January 2016

January 2017

January 2018

January 2019

January 2020

January 2021

January 2022
13 Description: The number of partner banks which were providing Immediate Payment Service amounted to about 645 as of January 2022 . Set up in November 2010, IMPS is a 24-hour, seven day a week service for instant payment of inter-bank transfers via mobile
phones owned by the NPCI. Read more
Note(s): India; September 2013 to January 2022
Source(s): NPCI
 Number of NETC partner banks in India from November 2016 to January
2022
Number of NETC partner banks India 2016-2022

40
35353535
3434
35 33 33
32
3131
2929
30 28
272727
262626262626
2525
2424
Number of banks

25 23232323
222222222222222222
212121
20
19
20 17
15
1414
15 1212
111111
101010
10 7
6 6
5
4
5 3

0
17

18

19

20

21
6

ar 17

ar 18

ar 19

ar 20

ar 21
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ay 8
18

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ov ber 9

ov ber 0

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ch 7

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22
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14 Description: The number of National Electronic Toll Collection (NETC) partner banks in India amounted to 35 as of January 2022. This was an improvement from only three banks in November 2016. The NETC was developed as a program to manage requirements of
toll payments in the country's digital market. Read more
Note(s): India; November 2016 to January 2022
Source(s): NPCI
 Number of partner banks facilitating payments through *99# in India from
February 2018 to January 2022
Partner banks for *99# payments India 2022

90
87
86 86 86 86 86 86 86 86 86 86 86

85 83 83 83 83 83 83 83 83 83 83 83 83 83 83 83 83 83 83
82 82 82 82
Number of banks

80 80 80 80 80
79
80 78 78 78

75
74
75 73
71
70
70

65
September 2018

September 2019

September 2020

September 2021
December 2018

December 2019

December 2020

December 2021
November 2018

November 2019

November 2020

November 2021
October 2018

October 2019

October 2020

October 2021
February 2018

February 2019

February 2020

February 2021
March 2018

May 2018

March 2019

May 2019

March 2020

May 2020

March 2021

May 2021
June 2018

June 2019

June 2020

June 2021
April 2018

July 2018

April 2019

July 2019

April 2020

July 2020

April 2021

July 2021
August 2018

August 2019

August 2020

August 2021
January 2019

January 2020

January 2021

January 2022
15 Description: The number of partner banks which were facilitating payments through *99# in India stood at 83 as of JAnuary 2022. *99# is a USSD based mobile banking service of NPCI which was launched in November 2012, aiding the Pradhan Mantri Jan Dhan Yojana.
It allows customers to access financial, non-financial and value-added services by dialing the digits on their mobile phones. Read more
Note(s): India; February 2018 to January 2022
Source(s): NPCI
 Number of member banks affiliated to NFS in India from August 2018 to
January 2022
Number of member banks affiliated to NFS India 2018-2022

1,230

1,210 1,202
1,199 1,203
1,202
1,196
1,195
1,191
1,185
1,184
1,181
1,190 1,176 1,176 1,177
1,176
1,174 1,172
1,165
1,162
1,170
Number of banks

1,151 1,153
1,151 1,155
1,154
1,149
1,147 1,149
1,150 1,140
1,138 1,137
1,132
1,129
1,128
1,130 1,123
1,115
1,114
1,104
1,110 1,098
1,088
1,090 1,081

1,070

1,050
e r 8

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br y 8

br y 9

br y 0

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Ja ber 18

Ja ber 20

Ja ber 21
em r 8

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ch 19

ch 20

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ril 19

ne 19

A ly 9

ril 20

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16 Description: The number of member banks affiliated to the National Financial Switch amounted to 1,203 in January 2022. The NFS was taken over by the National Payments Corporation of India from the Institute of Development and Research in Banking Technology in
December 2009 and had about 240 thousand ATMs from various member banks. Read more
Note(s): India; August 2018 to January 2022
Source(s): NPCI
CHAPTER 03

Payment systems
 Value of credit transfers across India from financial year 2018 to 2022, by
mode of payment (in trillion Indian rupees)
Value of credit transfers India FY 2018-2022, by mode

AePS ECS NACH APBS IMPS NEFT UPI

450

400

350
Value in trillion Indian rupees

300

250

200

150

100

50

0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

18 Description: In financial year 2022, digital payments via the National Electronic Funds Transfer (NEFT) valued to over 287 trillion Indian rupees. This was by far the highest value of credit transfer modes. Unified Payments Interface (UPI) payments, which made up the
highest number of transactions, came second with over 84 trillion rupees. Read more
Note(s): India; FY 2018 to FY 2022
Source(s): Reserve Bank of India
 Value of debit transfers across India from financial year 2018 to 2022, by
mode of payment (in billion Indian rupees)
Value of debit transfers India FY 2018-2022, by mode

BHIM Aadhaar Pay ECS NACH NETC

12,000

10,000
Value in billion Indian rupees

8,000

6,000

4,000

2,000

0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

19 Description: In financial year 2022, over one billion transactions in India were reported for the National Automated Clearing House (NACH) mode worth nearly 10.3 trillion Indian rupees. This was by far the highest value within the debit payments segment. NACH was
implemented by the National Payments Corporation of Indie (NPCI) and was largely used for large transfers within the banking and financial institutions sector. Read more
Note(s): India; FY 2018 to FY 2022
Source(s): Reserve Bank of India
 Volume of Real Time Gross Settlement transactions across India from
financial year 2014 to 2021 (in millions)
RTGS transaction volume India FY 2014-2021

180
159.2
160 150.7

136.63
140
124.46
120
107.86
Volume in millions

98.34
100 92.78
81.11
80

60

40

20

0
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

20 Description: Real Time Gross Settlement transaction volumes amounted to approximately 159 million in fiscal year 2021 across India. This was a significant rise from only 81 million in fiscal year 2014. RTGS includes customer transactions, interbank transactions and
clearing. Read more
Note(s): India; FY 2014 to FY 2021
Source(s): Reserve Bank of India
 Unified Payment Interface (UPI) usage across India in FY 2022, by platform
UPI usage in India in FY 2022, by platform

All banks, other TPAPs 6% Amazon Pay 1.80%

Paytm 14%

PhonePe 45%

Google Pay 33%

21 Description: In the financial year 2022, PhonePe held 46 percent share of unified payments interfaces (UPI) usage in India, followed by Google Pay with 34 percent. Leading fintech players have been key drivers of UPI adoption in India. Read more
Note(s): India; FY 2022
Source(s): BCG India; NPCI; PhonePe; Reserve Bank of India
 Value of UPI-based digital payments across India from financial year 2017
to 2022 (in billion Indian rupees)
Value of UPI digital payments across India FY 2017-2022

90,000
84,160

80,000
Digital payments in billion Indian rupees

70,000

60,000

50,000
41,036.58
40,000

30,000
21,317.3
20,000

8,769.7
10,000
69.5 1,098.3
0
FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

22 Description: The value of digital payments in the south Asian country of India was over 84 trillion Indian rupees in the financial year 2022. This was a strong increase from the previous financial year's value of over 41 trillion rupees. Increased penetration of smart
service applications and digital technologies are the primary contributors to the enormous growth in digital payments in the country. Read more
Note(s): India; FY 2017 to FY 2022; UPI based payments.
Source(s): NPCI; Reserve Bank of India
 Volume of payments made through Prepaid Payment Instruments in India
from financial year 2014 to 2022 (in billions)
Volume of PPI payments India FY 2014-2022

7
6.58

6
5.33
4.93
5 4.6
Volume in billions

4
3.46

1.96
2

1 0.75
0.31
0.13
0
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

23 Description: The volume of PPI payments in India in fiscal year 2022 accounted for approximately 6.58 billion. This was a increase from the previous fiscal year. Prepaid payment instruments included m-wallets, PPI cards and paper vouchers. The digital payment
market had seen significant growth in recent years, specifically in India due to the government's efforts to digitize the economy. Read more
Note(s): India; FY 2014 to FY 2022
Source(s): Reserve Bank of India
CHAPTER 04

Market players
 Preferred e-payment services used among Indians as of February 2020
Preferred e-payment services used India 2020

Share of respondents
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Paytm 87%

Google Pay 69%

PhonePe 58%

Amazon Pay 50%

BHIM 44%

E-payment services/e-wallets from banks 24%

FreeCharge 20%

Airtel Money 18%

Airtel Money2 13%

JioMoney 12%

MobiKwik 11%

Samsung Pay 5%

Citrus Pay 3%

OxiGen 3%

Others 3%

25 Description: According to a survey conducted by Rakuten Insight in February 2020, over 85 percent of Indian respondents preferred to use Paytm for e-payments. Based in Noida and founded in 2010, Paytm reported a revenue of nearly 36 billion Indian rupees in
financial year 2019 catering to about 350 million users countrywide. Google Pay, PhonePe, Amazon Pay and BHIM were some of the other popular e-payment services during the survey period. Read more
Note(s): India; February 6 to February 29, 2020; 15,466 respondents; 16 years and older; 5,085 female and 10,381 male respondents
Source(s): Rakuten
 Number of Pradhan Mantri Jan-Dhan Yojana RuPay debit cards issued in
India as of April 2022, by sector (in millions)
Number of RuPay debit cards issued under PMJDY in India 2022, by sector

350
316.63

300
271.58

250
Number in millions

200

150

100

50 34.04
11.01
0
Private banks Regional rural banks Public banks Total

26 Description: Of a total 316 million debit cards, about 271 million RuPay debit cards came from public sector banks under the Indian government's financial plan as of April 2022. Over eleven million were issued under the private sector during the same time period.
Read more
Note(s): India; as of April 20, 2022
Source(s): PMJDY; Various sources (Data from various banks)
 Value of monthly transactions on BHIM from December 2016 to January
2022 (in billion Indian rupees)
Value of monthly transactions on BHIM India 2016-2022

100
88.16
90 84.97 85.01
82.06 80.57 82.22
79.82 78.6777.34 76.39
75.89 74.2775.22
80 72.2972.1574.5774.48 73.04
Value in billion Indian rupees

70.65
68.73 69.1 68.72
66.93 66.27
65.84 66.11 66.1 67.6
70 64.17 63.3963.1665.24 63.67
62.61 62.03 62.0261.32
61.22 60.4960.07
57.48 59.2458.53
60 56.24
49.72
48.4
50 44.93
40.11
36.47
40
30.83
30 25.49
23.49
22.45
18.99
20 16
14.87
13.07
10.02
8.23
10 6.23
3.57
0.02
0
ry 6

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Fe ber 8

Fe ber 9

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27 Description: The value of the monthly transactions made through the Bharat Interface for Money app amounted to over 85 billion Indian rupees as of January 2022. This was a tremendous increase since its launch in December 2016. BHIM was launched by the
National Payments Corporation of India based on UPI. It was available in 13 Indian languages, including English. Read more
Note(s): India; December 2016 to January 2022
Source(s): NPCI
 Revenue from operations of One97 Communications from financial year
2017 to 2021 (in billion Indian rupees)
Revenue from operations of One97 Communications FY 2017-2021

35
32.32 32.81
30.53
30 28.02
Revenue in billion Indian rupees

25

20

15

10
6.15
5

0
FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

28 Description: The consolidated revenue from operations of One97 Communications for fiscal year 2021 stood at around 28 billion Indian rupees. This value was a decrease from the previous year's revenue of the company. Paytm, a popular digital payment app is a
subsidiary of One97 Communications based in Noida SEZ, India. Read more
Note(s): India; FY 2017 to FY 2021; consolidated figures.
Source(s): One97
 Revenue of MobiKwik between financial year 2017 and 2021 (in million
Indian rupees)
Revenue of MobiKwik FY 2017-2021

4,000
3,698

3,500

3,023
Revenue in million Indian rupees

3,000

2,500

2,000
1,620
1,500

1,000 860

450
500

0
FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

29 Description: The revenue of MobiKwik reached three billion Indian rupees in fiscal year 2021. This was a significant decrease compared to the previous year. MobiKwik is an Indian-based digital wallet company founded in 2009. Read more
Note(s): India; FY 2017 to FY 2021; consolidated figures
Source(s): MobiKwik
 Revenue of Lendingkart in India from financial year 2019 to 2022 (in billion
Indian rupees)
Revenue of Lendingkart in India FY 2019-2022

7
6.43

5.03
Revenue in billion Indian rupees

5 4.64

2.18
2

0
FY 2019 FY 2020 FY 2021 FY 2022

30 Description: In financial year 2022, Indian digital lending company Lendingkart Finance Limited reported a revenue of over six billion Indian rupees. The Ahmedabad-based NBFC (non-banking financial company) disbursed loans primarily to small and medium-sized
enterprises. Read more
Note(s): India; FY 2019 to FY 2022
Source(s): Website (lendingkart.com)
CHAPTER 05

Consumer impact from

COVID-19
 Preferred mode of payment since the coronavirus (COVID-19) pandemic
across India in 2020, by gender
Preferred mode of payment since COVID-19 India 2020, by gender

Cash Credit and debit card UPI and online wallet

60%

50%
50% 47%

39%
Share of respondents

40%
36%

30%

20%
14% 14%

10%

0%
Female Male

32 Description: According to a survey conducted in 2020 to analyze the changing consumer sentiments concerning the COVID-19 pandemic in India, half the male respondents preferred to use UPI and online wallets for making payments. The female participants showed
a similar preference. Read more
Note(s): India; May 18 to June 7, 2020; 2376 respondents; 20 years and older; across various demographics to analyze the changing consumer sentiment with respect to the COVID-19 pandemic.
Source(s): KPMG
 Preferred mode of payment since the coronavirus (COVID-19) pandemic
across India in 2020, by age
Preferred mode of payment since COVID-19 India 2020, by age

Cash Credit and debit card UPI and online wallet

70%

60% 57% 58%

49%
50% 47%
Share of respondents

44%
39%
40%

29% 30%
30%

20%
14%
12% 12%
9%
10%

0%
20 to 30 years 31 to 40 years 41 to 50 years over 51 years

33 Description: In a survey conducted in 2020 to analyze the changing consumer sentiments concerning the COVID-19 pandemic in India, the respondents over the age of 40 were more inclined towards using credit and debit cards for payment. Contrary to this, UPI and
online wallets were more popular with younger consumers. Read more
Note(s): India; May 18 to June 7, 2020; 2376 respondents; 20 years and older; across various demographics to analyze the changing consumer sentiment with respect to the COVID-19 pandemic.
Source(s): KPMG
 Impact of the coronavirus (COVID-19) on digital payments in India as of
April 2020, by type of purchase
COVID-19 impact on digital payments in India 2020 by type of purchase

Share of respondents
0% 5% 10% 15% 20% 25% 30% 35% 40%

Groceries/medicines in retail store 35%

Groceries/medicines online 25%

Mobile recharge 12%

Did not use digital payments 11%

Other services 8%

Taxi/transportation services 5%

Food delivery 3%

Restaurants 1%

34 Description: According to the results of a survey among Indians on the impact of the coronavirus (COVID-19) and its consequent lockdown, a majority of respondents reported using digital payments to purchase groceries, medicines and other essentials. This had a
higher share at retail stores than online. Read more
Note(s): India; April 2020; 8,623 respondents
Source(s): LocalCircles
 Impact of coronavirus (COVID-19) pandemic on transaction value per credit
card in India from November 2019 to September 2020 (in Indian rupees)
COVID-19 impact on monthly transaction value per credit card India 2019-2020

14,000

11,880 11,863
12,000
11,051 10,873

10,000
Value in Indian rupees

8,758 8,700 8,712

7,905
8,000 7,466

6,000 5,636

4,000 3,620

2,000

0
Nov 2019 Dec 2019 Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020

35 Description: In September 2020, the monthly transaction value per credit card in India valued at over 8,700 Indian rupees. This was a significant decrease compared to over 11 thousand rupees during the months prior to the coronavirus (COVID-19) pandemic.
Nevertheless, the value showed a recovery from a low of under four thousand rupees in April 2020. In comparison to debit cards, the transaction value per credit card is much higher. Read more
Note(s): India; November 2019 to September 2020
Source(s): Moneycontrol; Reserve Bank of India; SBI
 Impact of coronavirus (COVID-19) on transaction value per debit card in
India from November 2019 to September 2020 (in Indian rupees)
COVID-19 impact on monthly transaction value per debit card in India 2019-2020

1,200

1,042 1,036
1,000 974
934
868
836
788 780
Value in Indian rupees

800 739

575
600

400 350

200

0
Nov 2019 Dec 2019 Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020

36 Description: In September 2020, Indian financial institutions recorded an average transaction value of 868 Indian rupees per debit card. After a decline to around 350 rupees during the nation-wide COVID-19 lockdown, the per card transaction value was on its way to
recovery. Before the coronavirus pandemic, the value had crossed one thousand rupees per transaction in December 2019 and January 2020. Read more
Note(s): India; November 2019 to September 2020
Source(s): Moneycontrol; Reserve Bank of India; SBI
 Sources

BCG India
IMF
KPMG
LocalCircles
MeitY (India)
MobiKwik
Moneycontrol
MOSPI
NPCI
One97
PhonePe
PMJDY
PwC India
Rakuten
Reserve Bank of India
SBI
Various sources (Data from various banks)
Website (lendingkart.com)

37