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Nirmal Bang Report
The Indian banking system's overall payment ecosystem value stood at Rs 181 trillion in FY22 and was at Rs 119 trillion for the first seven months of FY23. Within the payment system, large credit transfers constitute ~68% while retail payments constitute ~32%, as on Oct-22.
In the past four years, a majority of the expansion in the payment ecosystem has been driven by retail payments while large credit transactions have witnessed only marginal growth.
Total retail payments have reported a compound annual growth rate of 16.5% during FY18-FY22 while large credit transactions have increased at a CAGR of 2.5%.
Large credit transfers witnessed a surge in FY22 because industrial activities picked up pace, reporting a growth of 22% as against a decline in FY20 and FY21. Moreover, retail payments witnessed 26% growth in FY22, leading to overall expansion in payment transactions at ~23%.
Over a period of time, the overall payment ecosystem has witnessed a sharp increase in transaction volume, leading to lower ticket-sized payments.
The payment ecosystem has become more granular in nature on the back of increasing volume in UPI, IMPS.
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