India's Digital Payment Revolution: A Decade of Exponential Growth

India's digital payments have skyrocketed, increasing 94 times in volume and 3.5 times in value over the past decade. A Reserve Bank report reveals a significant rise in credit card issuance, stable debit card numbers, and key developments in cross-border payment systems aimed at reducing costs and improving efficiency.

In a remarkable financial transformation, digital payments in India have witnessed an exponential rise, surging 94 times in volume and over 3.5 times in value since 2013, according to a Reserve Bank report released on Monday.

The report highlights that credit card numbers have doubled over five years, while debit cards have shown marginal growth. The Reserve Bank has been proactive in facilitating cross-border digital payment linkages to address high costs and limited accessibility.

Efforts include linking India's UPI system with foreign payment systems. Deputy Governor T. Rabi Sankar emphasized the Reserve Bank's commitment to innovation in payment systems, contributing to an efficient modern infrastructure.

(With inputs from agencies.)