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

The value of payments by cards with a debit function in India grew significantly from 2013 to 2023, surging from 16.28 billion USD to 109.01 billion USD. Key fluctuations include a remarkable spike in 2016, followed by a steady ascension until a brief dip in 2020. The subsequent years saw recovery, reaching 109.01 billion USD in 2023. Year-on-year variations highlighted major increases in 2016 (98.26%) and significant, though less dramatic, growth in 2017 (43.88%). Recent years reflect more stable growth with a YoY increase of 5.22% in 2023. The five-year CAGR from 2023 to 2028 forecasts a moderate growth rate of 3.59%.

Future trends to watch for include the impact of digital innovation on payment solutions, increasing consumer adoption of mobile wallets, and potential regulatory changes that may either facilitate or hinder growth. Emerging technologies such as blockchain and AI could also transform the payment landscape, affecting both the value and volume of transactions using debit cards.