The value of debit card payments in India for fiscal year 2023 was approximately seven trillion Indian rupees, while the value of credit card based payment was more than 14 trillion Indian rupees during the same time period. The consistent utilization of card payments can be attributed to the initiatives made by the government, aspiring to make India a cashless economy. The Indian digital payments market was estimated to reach the one trillion U.S. dollar mark by 2023.
Value of online card payments in India from financial year 2018 to 2023, by type
(in trillion Indian rupees)
Characteristic
Credit card
Debit card
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*The figures for cards are for transactions at point of sale (POS) terminals only which include online transactions.
India's financial year begins in April and ends in March. For example, FY 2016 started in April 2015 and ended in March 2016.
One Indian rupee is equal to 0.011 euros and 0.012 U.S. dollars (as of July 2023).
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Reserve Bank of India. (May 30, 2023). Value of online card payments in India from financial year 2018 to 2023, by type (in trillion Indian rupees) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1034701/india-value-of-card-payments-by-type/
Reserve Bank of India. "Value of online card payments in India from financial year 2018 to 2023, by type (in trillion Indian rupees)." Chart. May 30, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1034701/india-value-of-card-payments-by-type/
Reserve Bank of India. (2023). Value of online card payments in India from financial year 2018 to 2023, by type (in trillion Indian rupees). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1034701/india-value-of-card-payments-by-type/
Reserve Bank of India. "Value of Online Card Payments in India from Financial Year 2018 to 2023, by Type (in Trillion Indian Rupees)." Statista, Statista Inc., 30 May 2023, https://www.statista.com/statistics/1034701/india-value-of-card-payments-by-type/
Reserve Bank of India, Value of online card payments in India from financial year 2018 to 2023, by type (in trillion Indian rupees) Statista, https://www.statista.com/statistics/1034701/india-value-of-card-payments-by-type/ (last visited July 22, 2024)
Value of online card payments in India from financial year 2018 to 2023, by type (in trillion Indian rupees) [Graph], Reserve Bank of India, May 30, 2023. [Online]. Available: https://www.statista.com/statistics/1034701/india-value-of-card-payments-by-type/