India's Digital Payments Market Expected To Grow To US$ 1 Trillion By 2023

The digital payments market In India is expected to grow to US$ 1 trillion by 2023 led by growth in mobile payments, presenting huge business opportunities for players in the digital space. Mobile payments are slated to rise from $ 10 billion in 2017-18 to $ 190 billion by 2023. These estimates are based on a study of Credit Suisse and have been mentioned in a booklet titled 'Digital Payment: Trends, Issues and Opportunities', launched by Ratan Watal, Principal Advisor, NITI Aayog and Member Secretary, EACPM, at a conference organised by FICCI and NITI Aayog. This is the 2nd annual edition of the booklet on Digital Payments which was published in July 2017.

Digital payments clocked a robust growth in 2017-18 both in volume and value terms. In volume terms, the growth during the year was much higher than the trend growth rate during 2011-16. Growth in total retail payments in value terms has seen a three-fold increase than the trend rate of the last five years. The Unified Payments Service (UPI) and Immediate Payment Service (IMPS) segments in terms of volume registered a spectacular growth during 2017- 18. UPI, despite being a new product in the payment segment, has shown a great adoption rate among consumers and merchants.

Total card payments continued its growth momentum and exceeded the trend growth rate of the last five years both in volume and value terms. The analysis of growth trends is based on both MeitY and RBI data. While MeitY data provides volume data in public domain, RBI provides both volume and value data in public domain. A note on Data Sources is also covered in the booklet which gives a comparative picture of the data sets captured by MeitY and RBI.

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