In financial year 2020, unified payments interface (UPI) had been the most popular mode of payment in the Indian retail sector with a volume of 12.5 billion. Prepaid payments and debit cards followed with a volume of 5.3 and 5.1 billion respectively. UPI was implemented by the National Payments Corporation of India and allows transactions between banks.
Most digital transfer modes had been implemented within the last decade. In comparison to financial year 2011, only the volumes of paper-based instruments and ECS (Electronic Clearing Service) decreased.
Volume of digital payments in retail in India in financial years 2011, 2016, and 2020
(in millions)
Characteristic
RTGS
NEFT
IMPS
UPI
NACH
ECS
Other transfers
Credit card
Debit card
Prepaid payment
Paper-based
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India's financial year begins in April and ends in March. For example, FY 2020 started in April 2019 and ended in March 2020.
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; UPI denotes unified payments interface; 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.
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Reserve Bank of India. (January 25, 2021). Volume of digital payments in retail in India in financial years 2011, 2016, and 2020 (in millions) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1221794/india-volume-of-digital-payments-in-retail/
Reserve Bank of India. "Volume of digital payments in retail in India in financial years 2011, 2016, and 2020 (in millions)." Chart. January 25, 2021. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1221794/india-volume-of-digital-payments-in-retail/
Reserve Bank of India. (2021). Volume of digital payments in retail in India in financial years 2011, 2016, and 2020 (in millions). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1221794/india-volume-of-digital-payments-in-retail/
Reserve Bank of India. "Volume of Digital Payments in Retail in India in Financial Years 2011, 2016, and 2020 (in Millions)." Statista, Statista Inc., 25 Jan 2021, https://www.statista.com/statistics/1221794/india-volume-of-digital-payments-in-retail/
Reserve Bank of India, Volume of digital payments in retail in India in financial years 2011, 2016, and 2020 (in millions) Statista, https://www.statista.com/statistics/1221794/india-volume-of-digital-payments-in-retail/ (last visited July 22, 2024)
Volume of digital payments in retail in India in financial years 2011, 2016, and 2020 (in millions) [Graph], Reserve Bank of India, January 25, 2021. [Online]. Available: https://www.statista.com/statistics/1221794/india-volume-of-digital-payments-in-retail/
