Mumbai: Card payments in India are likely to hit the Rs 27.9 trillion mark in 2023. This is higher by 28.6% year-on-year (YoY). A report published by London-based leading data and analytics company, GlobalData revealed this.
Card payments’ value in India registered a robust growth of 26.2% in 2022. This is set to grow by 28.6% to reach Rs 27.9 trillion ($337.2 billion) in 2023. India’s card payments market is expected to almost triple from Rs 21.7 trillion ($262.1 billion) in 2022 to Rs 60.2 trillion ($728.2 billion) in 2027.
Also Read: Stock Market: Sensex, Nifty end marginally higher
The post-COVID-19 pandemic recovery in card payments was mainly driven by credit and charge cards, with this card category growing by 53.0% in 2021 and 46.7% in 2022. This trend is expected to continue in 2023, as credit and charge card payments are expected to grow by 38.1%. Debit card payments are expected to grow at a slower pace of 9.5% during the same period.
Post Your Comments