Forecast: Number of E-money Payments in India

The number of E-money payments in India witnessed significant growth from 133.63 million units in 2013 to 5960 million units in 2023. Particularly notable were 2014-2016, with year-on-year increases over 100%, reflecting the early adoption phase of e-money. However, growth stabilized post-2018 with subtle fluctuations, including a decline in 2019 and 2020. By 2023, the year-on-year growth rate stood at 6.05%, with a 5-year CAGR of 5.28%.

Looking forward, the forecast from 2024 to 2028 suggests a more steady annual growth rate of 4.06%, which translates to a cumulative growth of 22.04% over five years.

Future trends to watch for:

• Increased adoption of digital wallets and UPI platforms.
• Government initiatives promoting digital transactions.
• Technological advancements in payment security.
• Potential impacts of economic fluctuations on consumer behavior.
• Integration of e-money with other financial services like loans and investments.