Forecast: Number of ATM Cash Withdrawals in India

ATM cash withdrawals in India stood at 11.85 billion units in 2023. From 2023 to 2028, the number of withdrawals is expected to grow at a CAGR of 2.67%, reaching 14.1 billion units. The year-on-year growth rate for 2023 was 3.71%, indicating a steady rise from the previous year's slight decline.

Looking back over the previous five years, the CAGR from 2018 to 2023 is 3.73%. The industry experienced a significant increase in 2021 with a 31.8% growth, following a sharp decline of 13.3% in 2020. This pattern reflects the disruptions due to the COVID-19 pandemic and the subsequent recovery. The mild decrease in 2022 was succeeded by a modest upward trend in 2023.

Future trends to watch for:

- Digital Payments: Further growth in digital payments could slow the growth of ATM withdrawals.

- Economic Variables: Factors such as inflation, interest rates, and economic growth could impact cash usage.

- Government Policies: Initiatives promoting digital transactions and financial inclusion will be critical in shaping ATM usage trends.