India Issued 560 Mn Card Tokens In The Past One Year After RBI’s Directive, Says Report

SUMMARY

The Visa report forecasts that India’s gross transaction value of digital payments will reach $5.2 Tn by 2030

The report further adds that India would reach the 100 Mn credit card mark by the end of 2023, from 93 Mn as of September

With debit cards dominating Indian market, reaching approximately 92 Cr issued as of May 31, 2022. Meanwhile, at INR 86,000 Cr, ecommerce accounted for over 63% of credit card expenditure as of March 2023, as per RBI data

India has issued around 560 Mn card tokens since October last year, following the Reserve Bank of India’s directive to tokenise cards for ecommerce transactions, global payments operator Visa said in its new report. Step up your startup journey with BHASKAR! From resources to networking, Bhaskar connects Indian innovators with everything they need to succeed. Join today to access a platform built for innovation, growth, and community.

However, according to The Economic Times, the report, set to be released, states that out of these Visa has issued around 300 Mn tokens.