Analysis of India’s payment system indicators in Q3 2020

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Analysis of India’s payment system indicators in Q3 2020

by Akshat Pathak, Anil Gupta and Pritam Patro
Dec 4, 2020
1 min

As the COVID-19 pandemic rages on, digital pathways offer a hopeful sign in the country’s payments landscape. This second edition of MSC’s analysis covers select payments system indicators in India during Q3 2020—with some surprising results.

The COVID-19 pandemic has compelled many users to seek digital payments as they look for convenience and wish to keep themselves safe from the risk of infection. This “new normal” presents opportunities for institutions to make digital payments meaningful in the daily lives of 600 million low- and middle-income people in the country. MSC’s study covers five categories of payment system indicators—cash, contactless payments, Aadhaar-enabled Payment System, card-based payments and transactions, and remittances and money transfers.