In 2023, the number of branches or offices of payment service providers to non-banks in India stood at approximately 177,000. From 2024 onwards, forecasts indicate a steady upward trend, with the number expected to reach 194,760 by 2028, signifying a consistent annual growth. Year-on-year percentage variations from 2024 to 2028 are modest, reflecting stability in expansion within this sector. The Compound Annual Growth Rate (CAGR) over the five-year forecast period shows a gradual increase, emphasizing steady development.
Future trends to watch for include:
- Adoption of digital and technological advancements.
- Regulatory changes impacting branch network expansion.
- Shifts in consumer preferences towards digital banking services.
- Market entry by new payment service providers.
