The Indian energy sector stands at the cusp of a transformative leap, driven by a robust policy framework and an ambitious vision for energy security, sustainability, and affordability.
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Tax advisory and advisory services in India by Grant Thornton aim to help businesses of all sizes to formulate and implement effective strategies to optimize...
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Grant Thornton Bharat ESG and Risk Consulting provides expert governance, IT security, and forensic services, ensuring robust processes and controls for...
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In today’s time, businesses have gone through large transformation initiatives such as adoption of digital technologies, transition to cloud, use of advanced technologies et al.
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Budget 2025
Budget 2025: A deep dive into the measures for the Energy Sector
Supporting you to grow your business profitably through our partner-led deals service.
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Grant Thornton Bharat offers tailored assurance and auditing services in India, ensuring NFRA compliance, sector expertise, and risk-based audits for credible...
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Thought leadership
Quarterly GAAP Bulletin – January 2025
A summary of significant accounting, auditing and related updates
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Helping you shape the future of your industry
We offer top-tier agriculture consulting services, tackling challenges and driving growth in India's agri-industry. Discover our expert solutions now.
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Article Why India’s financial inclusion journey needs to focus on equity and access to creditFinancial services have expanded over a decade, giving millions access to bank accounts and digital payments. But true empowerment needs to reach every corner of the country if growth is to be long-term and sustained -
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Article Navigating market volatility and government support for Indian agricultureIndia's agricultural sector, the backbone of the nation's economy, contributes ~17% to the GDP and employs over half of the workforce.
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India's digital payments ecosystem is undergoing a rapid transformation, driven by regulatory advancements, technology innovations, and evolving consumer behaviors. In this dynamic landscape, staying informed about emerging trends and regulatory shifts is crucial for businesses and stakeholders.
We are pleased to release the India Payments Trends Report 2024, which explores key shifts in the payment landscape, highlighting trends in digital transactions, regulatory frameworks, and emerging technologies. With an emphasis on UPI expansion, QR code adoption, payment security, and global fintech influences, this report provides actionable insights for financial institutions, businesses, and policymakers to navigate the changing payments ecosystem.
Key takeaways
- Growth in digital payment infrastructure: The Reserve Bank of India (RBI) continues to drive digitalisation with the Digital Payment Index (DPI), which has shown consistent growth. Adoption of QR codes, sound boxes, and PoS terminals has surged, with QR code deployment growing at a CAGR of 107% between 2021-2024.
- Expansion of PoS terminals and credit card usage: The deployment of point of sale (PoS) terminals has grown at a CAGR of 30% from 2020 to 2024. Increased credit card adoption has played a crucial role in this expansion, driven by the RBI’s Payments Infrastructure Development Fund (PIDF) to boost contactless transactions.
- Rise of micro ATMs in rural India: Micro ATMs have significantly improved financial inclusion by providing banking access to underserved regions. However, a recent slowdown in growth is observed due to banks limiting withdrawals and increasing UPI-based transfers.
- UPI dominance in digital payments: UPI transactions reached 15 billion in September 2024, with PhonePe and Google Pay holding a combined market share of 86.16% by transaction volume. The introduction of UPI Circle now enables delegated payments, expanding financial inclusion for dependents and senior citizens.
- Regulatory advancements in KYC and UPI AutoPay: The RBI’s amendment to KYC regulations streamlines digital onboarding and fraud prevention. Additionally, UPI AutoPay no longer requires a 24-hour pre-debit notification for FASTag and RuPay transactions, enhancing convenience for transportation and fintech sectors.
- Cross-border payment innovations: India is expanding its digital payments ecosystem globally. The National Payments Corporation of India (NPCI) partnered with Trinidad & Tobago to develop a UPI-like payment system, strengthening international financial cooperation. Additionally, the Bharat Bill Payment System (BBPS) now facilitates cross-border bill payments, improving remittance accessibility.
- Increase in fraudulent activities and risk mitigation: Despite growing digital transactions, payment fraud incidents are on the rise. The RBI is tightening fraud detection and cybersecurity measures, ensuring robust security in UPI and mobile wallet transactions.
- FASTag market growth and financial inclusion: With 10.3 crore FASTags issued, digital toll collection has gained traction. IDFC First Bank leads the market with a 30.6% share, followed by ICICI Bank and HDFC Bank. The government's mandate for FASTag on all highway vehicles has significantly boosted compliance among motorists.
