Digital transactions in India have seen a tremendous growth over the past few years. According to statistics, digital payments in India reached 4.4 billion in 2020 and 5.5 trillion Indian Rupees in August 2021. The number of registered users on digital payment platforms like UPI crossed 200 million by 2021 while Unified Payments Interface (UPI) crossed 3 billion transactions mark back in September 2020 itself. Mobile wallet transactions also saw an increase with 1.08 billion recorded for June 2021 alone and are expected to reach 500 million by 2025 as per estimates from Financial Express report published last year
The value of credit card transaction was 6.25 trillion Indian Rupees during the financial year 2020-2021 according to SBI Card's data released earlier this year whereas online retail is estimated to reach 73 lakh crore (USD 1 trillion) by 2025 as reported by Financial Express recently . Digital payments are projected to grow at CAGR 20% between 2020-2028 which will be further driven due 80% consumers preferring contactless payments over cash due hygiene & safety concerns amid pandemic situation across country . Moreover 95 % of all transaction done digitally is expected come into play within next four years i..e.,by 2025 according reports from Entrackr news portal
Aadhaar Enabled Payment System(AEPS), Immediate Payment Service(IMPS), mobile banking etc has been playing major role driving up these numbers with AEPS recording 423 million transactions , IMPs 36 Million Transactions & Mobile Banking 2,738,600 Crore worth Transaction respectively till date . All these figures clearly indicate that we’ve entered new era where majority population prefers going cashless when it comes making any kind purchase or transfer money electronically
Digital Transactions In India Statistics Overview
Mobile wallet transactions in India reached 1.08 billion in June 2021.
This statistic is a testament to the growing popularity of digital transactions in India. It shows that more and more people are turning to mobile wallets to make payments, indicating that digital transactions are becoming increasingly commonplace in the country. This is a positive sign for the economy, as it suggests that India is embracing the digital revolution and is on its way to becoming a cashless society.
Digital payments in India are expected to grow with a CAGR of 20.2% during 2020-2028.
This statistic is a powerful indicator of the potential of digital payments in India. It shows that digital payments are expected to experience a significant growth rate over the next eight years, indicating that digital transactions in India are likely to become increasingly popular. This is an important point to consider when discussing the future of digital transactions in India, as it suggests that the country is on the cusp of a digital revolution.
The value of credit card transactions in India for the year 2020-2021 was 6.25 trillion Indian Rupees.
This statistic is a testament to the immense growth of digital transactions in India. It shows that the country has embraced digital payments and is now reaping the rewards of a more efficient and secure payment system. The 6.25 trillion Indian Rupees in credit card transactions is a clear indication that digital transactions are becoming increasingly popular in India, and that the country is well on its way to becoming a leader in digital payments.
Around 95% of transactions in India will be done digitally by 2025.
This statistic is a powerful indicator of the potential of digital transactions in India. It shows that the country is on track to become a leader in digital payments, with the majority of transactions being conducted digitally in the near future. This could have a huge impact on the economy, as digital payments are more efficient and secure than traditional methods. Additionally, it could lead to increased financial inclusion, as more people will be able to access digital payment services. Ultimately, this statistic is a sign of the bright future of digital transactions in India.
The value of digital transactions per capita in India increased from USD 205 in 2014 to USD 517 in 2019.
This statistic is a testament to the tremendous growth of digital transactions in India over the past five years. It highlights the increasing popularity of digital transactions among Indian citizens, as well as the increasing trust in digital payment systems. This is an important indicator of the progress India has made in its digital transformation journey, and it is a sign of the potential for further growth in the future.
Digital transactions in India have seen a tremendous growth over the past few years. The number of digital payment platforms, users, and transactions has increased significantly since 2020. According to various statistics, the value of digital payments is expected to reach 5.5 trillion Indian Rupees by August 2021 and 6.25 trillion Indian Rupees for credit card transactions in 2020-2021 alone. UPI based remittances also jumped to 461 lakh crore rupees in December 2020 while mobile wallet transaction volume reached 1 billion by June 2021 with an estimated 500 million users projected by 2025. Furthermore, 80% of consumers prefer contactless payments over cash due to hygiene safety concerns and 95% of all financial transactions are predicted to be done digitally within four years from now (by 2025). These figures demonstrate that India is rapidly transitioning towards becoming a fully digitized economy which will bring numerous benefits such as improved efficiency, convenience and security for both businesses and customers alike
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