Card payment eased by 28% to Rs 28 lakh crore

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- In 2023, cash withdrawals from ATMs will increase by only 4.6 percent to Rs. Estimated to be 34.4 lakh crore

Ahmedabad: Card payments in India will increase by 28.6 percent year-on-year to reach Rs. 27.9 lakh crore is expected to reach. Global Data, a London-based data and analytics company, said in its report that the value of card payments in India recorded a robust growth of 26.2 percent during 2022.

Card payments have increased due to economic growth, increasing consumer preference for electronic payments and government efforts to promote cashless payments.

Karthik Challa, senior banking and payments analyst at GlobalData, said, 'India has traditionally been a cash-based economy. However the use of cash for any payment is now declining over time. Government initiatives such as reducing merchant service charges and providing subsidies to merchants for setting up point-of-sale terminals are key factors behind the expansion of the card payment market in the country.'

According to reports, the past few years have seen a strong growth in the use of cards for point of sales payments. This includes POS terminals both in stores and online. Also, the amount of cash withdrawals from ATMs by Indians is gradually decreasing.

Challa said, in 2023, cash withdrawals from ATMs will increase by only 4.6 percent to Rs. It is estimated to reach 34.4 lakh crores (416.2 billion dollars). Apart from this, the corona epidemic has also emphasized on contactless payment method, due to which the currency of card payment has increased.

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