Digital Payments Ecosystem Grows At 55% Over Past Five Years
As per recent data released by Reserve Bank of India (RBI), digital payments across India increased at a compound annual growth rate (CAGR) of 55.1% over the past five years (between FY 2015-16 and 2019-20).
For the same period, the value has grown from INR 920.38 lakh Cr to INR 1,623.05 lakh Cr, an annual compounded rate of 15.2%.
Accelerated by various government initiatives, the Indian digital payments ecosystem has seen an increase, both in terms of value and volume.
Back in January 2020, RBI governor Shaktikanta Das had claimed that digital payments account for around 97% of daily payment system transactions in terms of volume.
“This has been made possible with the accelerated growth of over 50% in the volume of digital payment transactions in the last five years,” Shaktikanta Das added.
These numbers are expected to grow exponentially, as because of COVID-19 people now prefer digital transactions.
As per a Redseer report, digital payments market in India is expected to grow over three-fold to Rs 7,092 trillion by 2025.