Forecast: Number of Cards with an E-money Function in India

The number of cards with an e-money function in India has shown significant fluctuations from 2013 to 2023. As of 2023, the figure stands at 136.39 million units, representing a 5.35% increase from the previous year. Over the past decade, the market has experienced notable year-on-year variations, reaching a peak growth rate of 251.26% in 2015 and a substantial decline of 20.54% in 2017. More recently, the 5-year compounded annual growth rate (CAGR) leading up to 2023 was relatively modest at 3.46%.

Forecasts suggest a gradual increase in the number of e-money cards from 2024 onwards, with an anticipated CAGR of 3.67% over the next five years, culminating in a total of 172.93 million units by 2028, reflecting a 19.73% overall growth rate.

Future trends to watch for include the impact of digital financial inclusion initiatives, advancements in mobile payment technologies, and evolving consumer preferences towards contactless payments which may accelerate the adoption of e-money cards in the coming years.