From 2013 to 2023, the value of e-money payments in India increased from $1.38 billion to $39.15 billion. The year-on-year variation saw the highest increase in 2014 and 2015, with values growing by 153.05% and 117.23%, respectively. Post-2016, growth rates varied, with notable drops in 2019 (-2.85%) and 2020 (-10.67%). In 2023, the value stood at $39.15 billion, with a 5.86% year-on-year growth. The 5-year CAGR from 2018 to 2023 was 4.71%, indicating a slowing growth trend over recent years.
- Future trends to watch for include:
- Potential policy changes affecting digital transactions
- Technological advancements and their impact on transaction efficiency
- Consumer adoption rates of new FinTech solutions
- The economic impact of domestic and global market conditions on e-commerce and digital payments.
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