Payment System Indicators India

Value of m-wallet based transaction rise to 58.4% YoY after a 5-month gap in March 2019.

Published monthly by the Reserve Bank of India(RBI). Updated to the month of March 2019. UPI data has been updated till August (Published on April 5, 2019)

Brief Overview

The payments system indicators data is published by the Reserve Bank of India on a monthly basis. The statistics cover the methods of payment used in retail transactions in India. It constitutes payments via debit cards, credit cards and prepaid payment methods like M-wallets and mobile banking.

India is predominantly a cash-intensive economy. A large proportion of transactions are carried out in cash. This has happened because of poor financial literacy in the country. In the recent years, the government has provided major stimuli to bring as many people under the banking system as possible. According to an ICE 360 Survey, about 99% of household are covered by a bank account but banking instruments are not being used to save or invest in most of them. Due to the demonetization effort, we see a jump in a number of digital transactions as people used more cards and m-wallets to make payments.

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Next release date: To be decided

Debit Card usage at ATMs