In FY21, digital payments transactions grew by 60% while the monetary value increased by 12.8%. The trend was widespread across e-commerce and e-banking.
By the Numbers
- E-commerce:
- Merchants: 3,003 (76% increase)
- Transactions: 22 million (115% increase)
- Value: Rs. 61 billion (74% increase)
- E-banking
- Transactions: 1,183 million (31% increase)
- Value: Rs. 87 trillion (37% increase)
Yes, but still, the transaction volume is very low compared to other countries.
Also, increased usage of digital services has also led to an increase in cybercrime and card-related fraud. The number of frauds involving real-time payments has surged over the past two years and criminals are now taking advantage of new money transfer methods.
The bigger picture: COVID-19 has led to increased use of digital payments, particularly via debit cards. Online payments were previously only possible with credit cards. Now you can use debit cards to make online payments. There are 40 million debit cards currently in circulation compared to 600,000 credit cards.
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