Forecast: Number of Payment Transactions by Non-banks in India

The number of payment transactions by non-banks in India has shown significant growth over the year. This upward trend is evidenced by annual increases from 2013 to 2019, with minor declines in 2020. The transaction volume took a sharp dip in 2020, largely due to the COVID-19 pandemic, but bounced back significantly in 2021, showcasing a robust recovery. The year 2023 saw the number of transactions reach 24.96 billion units, maintaining its positive trajectory. With the forecasted data from 2024 onwards, the transactions are expected to continue growing, albeit at a slower rate, achieving a forecasted 2.87% CAGR and 15.2% growth rate over the next five years.

Count in 2023: 24.96 Billion Units

Future trends to watch for:

• The impact of new digital payment solutions and fintech innovations, which could accelerate growth.
• Government policies and regulations promoting a cashless economy.
• Potential influences of economic shifts and global market conditions on transaction volumes.
• The adoption rate of payment technologies across different demographic segments in India.