Forecast: Value of Card Payments in India

The value of card payments in India has demonstrated significant growth from 2013 to 2023, rising substantially over the decade with some fluctuations. In 2023, the value of card payments stood at $599.34 billion.

Year-on-year variations show noticeable changes with notable declines in 2016 and 2020, likely due to economic disruptions. However, the market rebounded in 2021 with a notable increase.

Year-on-year analysis for the last two years reveals:

• 2021: +31.02%
• 2022: -1.55%
• 2023: +3.2%

The Compound Annual Growth Rate (CAGR) for the last five years stands at 3.58%, showing a steady growth trend despite yearly fluctuations.

Future trends to watch for:

• Increased adoption of digital payments and financial inclusion.
• Technological advancements in payment methods.
• Regulatory changes impacting card usage.