Card payments in India are likely to hit the Rs 27.9 trillion mark in 2023, up 28.6 per cent year-on-year (YoY), suggests a recent report by GlobalData, a London-based leading data and analytics company.
Card payments' value in India, GlobalData said, registered a robust growth of 26.2 per cent in 2022, driven by economic growth, consumers’ increasing preference for electronic payments, and efforts by financial authorities to boost cashless payments. This, GlobalData said, is likely to continue in 2023 and beyond as well.
“India has traditionally been a cash-driven economy. However, the usage of cash for payments is on the decline. Government measures such as reducing merchant service fees and providing subsidies to merchants for installing point of sale (POS)