Retail digital payments in India see approximately 100-fold increase over 12 years

Reserve Bank of India or RBI has stated in a latest update that Retail digital payments in India have grown from 162 crore transactions in the financial year 2012-13 to over 16,416 crore transactions in the financial year 2023-24 i.e., approximately 100-fold increase over 12 years. The remarkable growth in payment infrastructure and payment performance is also apparent in the Digital Payment Index published by RBI, which has witnessed more than four-fold rise in the last six years (445.50 for March 2024, base 100 as of March 2018).

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