{"id":167540,"date":"2023-04-19T12:17:18","date_gmt":"2023-04-19T12:17:18","guid":{"rendered":"https:\/\/siit.co\/guestposts\/?p=167540"},"modified":"2023-04-19T12:17:18","modified_gmt":"2023-04-19T12:17:18","slug":"the-total-market-size-for-the-india-payment-service-market-has-risen-to-approx-inr-73000-tn-in-2022-will-india-be-able-to-sustain-the-growth-trajectory","status":"publish","type":"post","link":"https:\/\/siit.co\/guestposts\/the-total-market-size-for-the-india-payment-service-market-has-risen-to-approx-inr-73000-tn-in-2022-will-india-be-able-to-sustain-the-growth-trajectory\/","title":{"rendered":"The total market size for the India Payment service market has risen to approx. INR 73,000 Tn. in 2022. Will India be able to sustain the growth trajectory?"},"content":{"rendered":"<p style=\"text-align: justify\"><strong>1. Central Bank Digital Currency (CBDC) as India\u2019s official digital Rupee, is further expected to strengthen the Indian payments market<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-84003 size-full\" src=\"https:\/\/www.kenresearch.com\/blog\/wp-content\/uploads\/2023\/04\/Chart-showing-How-Central-Bank-Digital-Currency-CBDC-Works.jpg\" alt=\"\" width=\"934\" height=\"629\" \/><\/p>\n<p style=\"text-align: center\"><strong>Click to Read Article<\/strong><strong>: <u><a href=\"https:\/\/www.kenresearch.com\/banking-financial-services-and-insurance\/financial-services\/india-payment-service-market-outlook-to-2027\/596319-93.html\">India Payment Service Market<\/a><\/u><\/strong><\/p>\n<p style=\"text-align: justify\">As per Union Budget 2022-23, to boost India\u2019s digital economy, the Reserve Bank of India (RBI) will soon be launching the Central Bank Digital Currency (CBDC) as India\u2019s official digital Rupee, which is further expected to strengthen the Indian payments market.<\/p>\n<p style=\"text-align: justify\">Digital innovations would play a pivotal role in improving <strong><u><a href=\"https:\/\/www.kenresearch.com\/banking-financial-services-and-insurance\/financial-services\/SC-93-49.html\">financial<\/a><\/u><\/strong> inclusion and providing ease of service across domains of retail banking, payments, wealth management and insurance. Despite the rapid developments in the recent past, there is substantial scope for India to catch up on its digital reach.<\/p>\n<p style=\"text-align: justify\">Surge in growth of electronic payments in India, along with rising E-commerce and M-commerce transactions are further expected to give a boost to numerous entities including payment gateway service providers and payment aggregators that facilitate online payments in the country. Besides all these advancements, cash still dominates the entire payment landscape in India and is further expected to hold a majority share in future.<\/p>\n<p style=\"text-align: center\"><strong>To learn more about this report <u><a href=\"https:\/\/www.kenresearch.com\/sample-report.php?Frmdetails=NTk2MzE5\">Download a Free Sample Report<\/a><\/u><\/strong><\/p>\n<p style=\"text-align: justify\"><strong>2. Over the years, money has transformed from coins to physical cash and is now available in electronic \/ digital form or plastic cards as DEBIT and CREDIT cards<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-84004 size-full\" src=\"https:\/\/www.kenresearch.com\/blog\/wp-content\/uploads\/2023\/04\/Number-of-debit-card-transactions-in-India.jpg\" alt=\"\" width=\"973\" height=\"714\" \/><\/p>\n<p style=\"text-align: center\"><strong>Visit this Link: \u2013 <u><a href=\"https:\/\/www.kenresearch.com\/ask-customization.php?Frmdetails=NTk2MzE5\">Request for custom report<\/a><\/u><\/strong><\/p>\n<ul>\n<li style=\"text-align: justify\">Debit Card data is updated monthly, <strong>averaging 300 Unit Mn<\/strong> from Apr 2004 to Feb 2023, with <strong>227 observations<\/strong>.<\/li>\n<li style=\"text-align: justify\">The data reached an all-time high of <strong>1400 Unit Mn in Oct 2019.<\/strong><\/li>\n<\/ul>\n<p style=\"text-align: justify\">Plastic cards for instance, ATM cards, debit and credit cards are used by customers as an electronic payment tool, thereby helping in clearing and settling the payment process. Increasing penetration of credit cards in metro areas coupled with rising usage of RuPay cards in tier 2 and tier 3 cities are some of the driving forces in India consumer payments landscape. In terms of total number of outstanding cards, debit was observed to grow at a five year with a positive CAGR.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>1. Central Bank Digital Currency (CBDC) as India\u2019s official digital Rupee, is further expected to strengthen the Indian payments market Click to Read Article: India&#8230;<\/p>\n","protected":false},"author":2573,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[61],"tags":[],"class_list":["post-167540","post","type-post","status-publish","format-standard","hentry","category-business-finance-tech"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The total market size for the India Payment service market has risen to approx. INR 73,000 Tn. in 2022. 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