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ICICI Securities Report
The payment landscape in India is rapidly evolving with digital payment ecosystem leading the change over traditional payment modes.
Interestingly, while digital payment ecosystem adoption, led by UPI, has been growing fast, cash-in-circulation (cash-to-gross domestic product) also rose to 14% in FY21 from 8% in FY17.
Further, within various payment / withdrawal instruments, micro-ATM deployment continued to outpace the growth in cards, prepaid payment instruments and ATMs in FY22.
Even on a high base of 49% YoY growth in FY21, mATM deployment had risen by a strong 93% in FY22, followed by prepaid cards at 45%.
On the contrary, bank-led ATM network and card issuance (both debit and credit) grew in single digits at 4% and 3%, respectively, during FY22.
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