- A total of 7,422 crore digital payment transactions were recorded in the fiscal year 2022, the Indian government has revealed.
- The value of digital payments in India will grow three-fold to touch $1 trillion in the next four years, as per CLSA estimates.
- UPI was among the most popular digital payments methods in 2022 and its transaction volume doubled compared to previous year.
People across the globe have gotten much more comfortable with digital solutions ever since the world stepped in the lockdown due to the COVID-19 pandemic. In India, too, the inclination towards digital solutions was there, but it gained much more momentum during COVID-19.
The same stands true for digital payments. We were celebrating 2 billion monthly UPI transactions back in October 2020, and now the number has now crossed a whopping 5 billion 16 months later.
According to the ministry of electronics and information technology (MeitY), a total of
7,422 crore digital payment transactions were recorded in the fiscal year 2022, which represents the time frame between April 2021 and March 2022. Meanwhile, a report from Credit Lyonnais Securities Asia (CLSA)
notes that the value of digital payments in India will grow three-fold to touch $1 trillion in the next four years.
“Given increasing online purchases and digital adoption, we expect this to grow to $0.9-1 trillion by FY26, or 30% of Indian consumption,” the report added.
Before we are ready to discuss these expectations, here is how India’s digital payments ecosystem fared in FY2022.