India's financial year begins in April and ends in March. For example, FY 2020 started in April 2019 and ended in March 2020.
Note: RTGS denotes real time gross settlement systems; paper clearing denotes all the paper-based payment systems such as checks and cash; NEFT denotes the national electronic funds transfer system maintained by the Reserve Bank of India; UPI denotes unified payments interface; NACH denotes the national automated clearing house to help bulk and repetitive transactions through banks; IMPS denotes immediate payment services as instant inter-bank transfers.
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Digital payments value in retail India FY 2011-2020
In financial year 2020, real time gross settlement systems (RTGS) reported the highest value of digital payments in the Indian retail sector at *** trillion Indian rupees. Although unified payments systems (UPI) had been most popular in terms of volume, these transactions were valued only ** billion Indian rupees.
Most digital transfer modes had been implemented within the last decade. In comparison to financial year 2011, only the values of paper-based instruments and ECS (Electronic Clearing Service) decreased.
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Reserve Bank of India. (January 25, 2021). Value of digital payments in retail in India in financial year 2011, 2016, and 2020 (in billion Indian rupees) [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved July 28, 2026, from /statistics/1222082/india-value-of-digital-payments-in-retail/
Reserve Bank of India. "Value of digital payments in retail in India in financial year 2011, 2016, and 2020 (in billion Indian rupees)." Chart. January 25, 2021. ÌÇÐÄÆƽâ°æ. Accessed July 28, 2026. /statistics/1222082/india-value-of-digital-payments-in-retail/
Reserve Bank of India. (2021). Value of digital payments in retail in India in financial year 2011, 2016, and 2020 (in billion Indian rupees). ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: July 28, 2026. /statistics/1222082/india-value-of-digital-payments-in-retail/
Reserve Bank of India. "Value of Digital Payments in Retail in India in Financial Year 2011, 2016, and 2020 (in Billion Indian Rupees)." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 25 Jan 2021, /statistics/1222082/india-value-of-digital-payments-in-retail/
Reserve Bank of India, Value of digital payments in retail in India in financial year 2011, 2016, and 2020 (in billion Indian rupees) ÌÇÐÄÆƽâ°æ, /statistics/1222082/india-value-of-digital-payments-in-retail/ (last visited July 28, 2026)
Value of digital payments in retail in India in financial year 2011, 2016, and 2020 (in billion Indian rupees) [Graph], Reserve Bank of India, January 25, 2021. [Online]. Available: /statistics/1222082/india-value-of-digital-payments-in-retail/
