Digital Payment Methods Registered CAGR Of 49% During 2021-2024


The average value of retail digital payments has reduced from Rs8,769 in March 2021 to Rs4,560 in March 2024


FinTech BizNews Service

Mumbai, 29 December, 2024:  The Reserve Bank of India has released its “Report on Trend and Progress of Banking in India 2023-24” on 26 Dec, 2024.

Digital Payments

During 2021-2024, digital payment methods registered a compound annual growth rate (CAGR) of 49.9 per cent in volume terms and 14.1 per cent in value terms. In contrast, paper-based instruments such as cheques and demand drafts contracted, with a CAGR of (-)10.1 per cent in volume terms and (-)1.6 per cent in value terms. 

The average value of retail digital payments has reduced from Rs8,769 in March 2021 to Rs4,560 in March 2024, with growing popularity of digital modes for small value payments. 

At end-March 2024, in terms of value, 97.1 per cent of the total payments were through digital mode. The Unified Payments Interface (UPI) has the majority share in volume of transactions, while real time gross settlements.

At end-March 2024, the Digital Payments Index stood at 445.5 compared to 395.6 a year ago, driven by significant growth in payment performance and payment infrastructure across the country.

 

 

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