Forecast: Number of Payments by Cards with a Debit Function in India

The number of payments by cards with a debit function in India has shown significant variations over the last decade. In 2023, the volume stood at 5560 million units. The analysis reveals a rapid growth period between 2013 and 2018, peaking in 2016 with a year-on-year increase of 104.44%. However, the market faced a downturn in 2019 and 2020, with negative growth rates of -1.02% and -11.17%, respectively. Recovery was strong in 2021 with a year-on-year increase of 34.64%, followed by stabilization in 2022 and a modest growth of 5.48% in 2023. The compound annual growth rate (CAGR) from 2017 to 2023 is 4.73%. Forecasting into the future, the expected CAGR from 2023 to 2028 is 3.74%, indicating steady but modest growth.

Future trends to watch for:

• Increased adoption of digital payment methods and the reduction in cash dependency.
• Technological advancements in payment security and convenience.
• Policy changes and initiatives promoting financial inclusion in rural areas.
• The impact of economic fluctuations on consumer spending behavior.
• Potential growth in contactless and mobile payment solutions.