Forecast: Number of Card Payments in India

The number of card payments in India has shown significant growth, reaching 15.98 billion units in 2023. From 2013 to 2016, the market experienced rapid expansion, highlighted by the peak year-on-year increase of 20.04% in 2016. However, since 2017, the growth rate has gradually decelerated, with a 3.9% year-on-year increase observed in 2023. Over the last five years, the compounded annual growth rate (CAGR) averaged 4.45%, indicating a more stabilized, albeit slower, growth trajectory.

Looking forward, the forecast from 2024 to 2028 shows a continued slight upward trend, with a 5-year forecasted CAGR of 2.56% and an overall forecasted growth rate of 13.49% over the period. This suggests a maturation phase of the card payments market in India.

Future trends to watch for include:

• The impact of digital payment innovations and their adoption rates.
• The influence of regulatory changes and financial inclusion initiatives.
• Consumer behavior shifts towards cashless transactions, driven by increased smartphone penetration and internet connectivity.