The recently introduced Aadhaar Enabled Payment System saw the most compound annual growth rate between fiscal years 2015 and 2019 with a 782 percent growth. On the other hand, payment transactions via bank checks saw a loss indicating that people were slowly but steadily moving away from this payment system.
India has a variety of options for payments and monetary transactions including a heavily cash-driven system and also a growing digital payments user base.
CAGR of customer usage of payment systems across India between FY 2015 to FY 2019
Note: RTGS denotes real time gross settlement systems; paper clearing denotes all the paper-based payment systems such as checks and cash; NEFT denotes the national electronic funds transfer system maintained by the Reserve Bank of India; NACH denotes the national automated clearing house to help bulk and repetitive transactions through banks; IMPS denotes immediate payment services as instant inter-bank transfers; AEPS denotes the Aadhaar Enabled Payment System; PPI denotes the prepaid payment instruments.
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Reserve Bank of India. (May 17, 2019). CAGR of customer usage of payment systems across India between FY 2015 to FY 2019 [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/1028272/india-payment-system-usage-cagr/
Reserve Bank of India. "CAGR of customer usage of payment systems across India between FY 2015 to FY 2019." Chart. May 17, 2019. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/1028272/india-payment-system-usage-cagr/
Reserve Bank of India. (2019). CAGR of customer usage of payment systems across India between FY 2015 to FY 2019. Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/1028272/india-payment-system-usage-cagr/
Reserve Bank of India. "Cagr of Customer Usage of Payment Systems across India between Fy 2015 to Fy 2019." Statista, Statista Inc., 17 May 2019, https://www.statista.com/statistics/1028272/india-payment-system-usage-cagr/
Reserve Bank of India, CAGR of customer usage of payment systems across India between FY 2015 to FY 2019 Statista, https://www.statista.com/statistics/1028272/india-payment-system-usage-cagr/ (last visited November 21, 2024)
CAGR of customer usage of payment systems across India between FY 2015 to FY 2019 [Graph], Reserve Bank of India, May 17, 2019. [Online]. Available: https://www.statista.com/statistics/1028272/india-payment-system-usage-cagr/
