{"id":3717,"date":"2024-11-21T16:10:06","date_gmt":"2024-11-21T10:40:06","guid":{"rendered":"https:\/\/in.nttdatapay.com\/blog\/?p=3717"},"modified":"2025-07-10T12:00:30","modified_gmt":"2025-07-10T06:30:30","slug":"predictions-on-future-of-payments-in-india","status":"publish","type":"post","link":"https:\/\/in.nttdatapay.com\/blog\/predictions-on-future-of-payments-in-india\/","title":{"rendered":"The Future of Payments in India: Predictions for 2024"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">India&#8217;s digital payments have grown exponentially over the last decade and are expected to grow further in 2024. UPI is projected to dominate payments, with NPCI aiming for 15-20 billion monthly transactions. The Account Aggregator framework will facilitate deeper open banking and value-added financial tools. Along with UPI &amp; open banking, four other factors are set to transform the payment industry in India by 2024.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">In this blog, let\u2019s explore the key factors that drive payments in India for the upcoming year, 2024.<\/span><\/p>\r\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;&lt;p class=&quot;wpcf7-contact-form-not-found&quot;&gt;&lt;strong&gt;Error:&lt;\/strong&gt; Contact form not found.&lt;\/p&gt;&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:6659,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:16777215},&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:2236962},&quot;15&quot;:&quot;Arial, Helvetica, sans-serif&quot;}\">\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f2460-o1\" lang=\"en-GB\" dir=\"ltr\" data-wpcf7-id=\"2460\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div>\n<form action=\"\/blog\/wp-json\/wp\/v2\/posts\/3717#wpcf7-f2460-o1\" method=\"post\" class=\"wpcf7-form init\" aria-label=\"Contact form\" novalidate=\"novalidate\" data-status=\"init\">\n<fieldset class=\"hidden-fields-container\"><input type=\"hidden\" name=\"_wpcf7\" value=\"2460\" \/><input type=\"hidden\" name=\"_wpcf7_version\" value=\"6.1.4\" \/><input type=\"hidden\" name=\"_wpcf7_locale\" value=\"en_GB\" \/><input type=\"hidden\" name=\"_wpcf7_unit_tag\" value=\"wpcf7-f2460-o1\" \/><input type=\"hidden\" name=\"_wpcf7_container_post\" value=\"0\" \/><input type=\"hidden\" name=\"_wpcf7_posted_data_hash\" value=\"\" \/><input type=\"hidden\" name=\"_wpcf7_recaptcha_response\" value=\"\" \/>\n<\/fieldset>\n<div class=\"cus-form\">\n\t<p style=\"font-size: 24px;font-weight: 600;text-align: center;\">Enquire Now\n\t<\/p>\n\t<p><label>Products Required:<\/label><span class=\"wpcf7-form-control-wrap\" data-name=\"products\"><select class=\"wpcf7-form-control wpcf7-select wpcf7-validates-as-required form-control\" aria-required=\"true\" aria-invalid=\"false\" name=\"products\"><option value=\"Payment Gateway\">Payment Gateway<\/option><option value=\"POS Machine\">POS Machine<\/option><option value=\"Reseller\">Reseller<\/option><\/select><\/span><br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"uname\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required form-control\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Name*\" value=\"\" type=\"text\" name=\"uname\" \/><\/span><br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"phone\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-tel wpcf7-validates-as-required wpcf7-text wpcf7-validates-as-tel form-control\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Phone*\" value=\"\" type=\"tel\" name=\"phone\" \/><\/span><br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"email\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-email wpcf7-validates-as-required wpcf7-text wpcf7-validates-as-email form-control\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Email*\" value=\"\" type=\"email\" name=\"email\" \/><\/span><br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"message\"><textarea cols=\"10\" rows=\"3\" maxlength=\"2000\" class=\"wpcf7-form-control wpcf7-textarea form-control\" aria-invalid=\"false\" placeholder=\"Message\" name=\"message\"><\/textarea><\/span><br \/>\n\t\n\t<input class=\"wpcf7-form-control wpcf7-hidden\" id=\"utm\" value=\"\" type=\"hidden\" name=\"utm\" \/><input class=\"wpcf7-form-control wpcf7-submit has-spinner\" type=\"submit\" value=\"Submit\" \/>\n\t<\/p>\n<\/div>\n<style>\n.cus-form .form-control{width: 100%!important;margin: 7px 0px;padding: 8px;border-radius: 3px;height: auto;line-height: 20px;}\n.cus-form{display: block;margin: 0 auto;max-width: 400px;width: 100%;padding: 20px;box-shadow: 0px 0px 4px 0px #0000002b;border-radius: 6px;margin-bottom: 25px;padding-bottom: 0px;}\n.cus-form .wpcf7-submit{margin: 0 auto;display: block;}\n.cus-form h3{background: #ff6644;text-align: center;margin: -21px;margin-bottom: 20px;padding: 6px;}\n<\/style>\n<p><script>\ndocument.getElementById(\"utm\").value = window.location.href;\n\ndocument.addEventListener( 'wpcf7mailsent', function( event ) {\n location = 'https:\/\/in.nttdatapay.com\/blog\/thankyou\/';\n}, false );\n<\/script>\n<\/p><div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div>\n<\/form>\n<\/div>\n<\/span><\/p>\r\n<h2><span style=\"font-weight: 400;\">The Future of Payments in India for 2024<\/span><\/h2>\r\n<p><span style=\"font-weight: 400;\">India has witnessed one of the most remarkable digital revolutions globally over the past decade. According to a BCG-Google report, <a href=\"https:\/\/in.nttdatapay.com\/blog\/10-reasons-why-business-accept-digital-payments\/\">digital payments<\/a> in the country grew over five times between 2017 and 2022, with transactions rising from $62 billion to $3.1 trillion annually.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Driving exponential growth has been the rapid adoption of innovative platforms like UPI that have simplified financial access for millions. As we look ahead to 2024, the <\/span><span style=\"font-weight: 400;\">future of payments in India<\/span><span style=\"font-weight: 400;\"> remains hugely promising as established and emerging payment types evolve to reach new users and use cases.<\/span><\/p>\r\n<h2 style=\"text-align: center;\"><em><span id=\"Recent_Web_Stories\">Recent Web Stories<\/span><\/em><\/h2>\r\n\t\t<div class=\"web-stories-list alignnone has-archive-link is-view-type-circles is-style-default is-carousel\" data-id=\"1\">\n\t\t\t<div\n\t\t\tclass=\"web-stories-list__inner-wrapper carousel-1\"\n\t\t\tstyle=\"--ws-circle-size:150px\"\n\t\t\t>\n\t\t\t\t\t\t\t\t\t<div\n\t\t\t\t\tclass=\"web-stories-list__carousel circles\"\n\t\t\t\t\tdata-id=\"carousel-1\"\n\t\t\t\t\tdata-prev=\"Previous\"\n\t\t\t\t\tdata-next=\"Next\"\n\t\t\t\t\t>\n\t\t\t\t\t\t\t\t\t<div\n\t\t\t\tclass=\"web-stories-list__story\"\n\t\t\t\tdata-wp-interactive=\"web-stories-block\"\n\t\t\t\tdata-wp-context='{\"instanceId\":1}'\t\t\t\tdata-wp-on--click=\"actions.open\"\n\t\t\t\tdata-wp-on-window--popstate=\"actions.onPopstate\"\n\t\t\t\t>\n\t\t\t\t\t\t\t<div class=\"web-stories-list__story-poster\">\n\t\t\t\t<a href=\"https:\/\/in.nttdatapay.com\/blog\/web-stories\/zero-balance-current-account-a-quick-explainer\/\" >\n\t\t\t\t\t<img\n\t\t\t\t\t\tsrc=\"https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/07\/zero-balance-current-account-poster-page-640x853.jpg\"\n\t\t\t\t\t\talt=\"Zero Balance Current Account: A Quick Explainer\"\n\t\t\t\t\t\twidth=\"185\"\n\t\t\t\t\t\theight=\"308\"\n\t\t\t\t\t\t\t\t\t\t\t\t\tsrcset=\"https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/07\/zero-balance-current-account-poster-page.jpg 640w, https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/07\/zero-balance-current-account-poster-page-105x140.jpg 105w, https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/07\/zero-balance-current-account-poster-page-311x414.jpg 311w, https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/07\/zero-balance-current-account-poster-page-149x199.jpg 149w, https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/07\/zero-balance-current-account-poster-page-60x80.jpg 60w, https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/07\/zero-balance-current-account-poster-page-150x200.jpg 150w\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tsizes=\"auto, (max-width: 640px) 100vw, 640px\"\n\t\t\t\t\t\t\t\t\t\t\t\tloading=\"lazy\"\n\t\t\t\t\t\tdecoding=\"async\"\n\t\t\t\t\t>\n\t\t\t\t<\/a>\n\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div\n\t\t\t\tclass=\"web-stories-list__story\"\n\t\t\t\tdata-wp-interactive=\"web-stories-block\"\n\t\t\t\tdata-wp-context='{\"instanceId\":1}'\t\t\t\tdata-wp-on--click=\"actions.open\"\n\t\t\t\tdata-wp-on-window--popstate=\"actions.onPopstate\"\n\t\t\t\t>\n\t\t\t\t\t\t\t<div class=\"web-stories-list__story-poster\">\n\t\t\t\t<a href=\"https:\/\/in.nttdatapay.com\/blog\/web-stories\/working-process-of-cvv-less-payment-for-tokenised-cards\/\" >\n\t\t\t\t\t<img\n\t\t\t\t\t\tsrc=\"https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/10\/working-process-of-cvv-less-payment-for-tokenised-Cards-poster-page-640x853.jpg\"\n\t\t\t\t\t\talt=\"Working Process of CVV-less Payment For Tokenised Cards\"\n\t\t\t\t\t\twidth=\"185\"\n\t\t\t\t\t\theight=\"308\"\n\t\t\t\t\t\t\t\t\t\t\t\t\tsrcset=\"https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/10\/working-process-of-cvv-less-payment-for-tokenised-Cards-poster-page.jpg 640w, https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/10\/working-process-of-cvv-less-payment-for-tokenised-Cards-poster-page-105x140.jpg 105w, https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/10\/working-process-of-cvv-less-payment-for-tokenised-Cards-poster-page-311x414.jpg 311w, https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/10\/working-process-of-cvv-less-payment-for-tokenised-Cards-poster-page-149x199.jpg 149w, https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/10\/working-process-of-cvv-less-payment-for-tokenised-Cards-poster-page-60x80.jpg 60w, https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/10\/working-process-of-cvv-less-payment-for-tokenised-Cards-poster-page-150x200.jpg 150w\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tsizes=\"auto, (max-width: 640px) 100vw, 640px\"\n\t\t\t\t\t\t\t\t\t\t\t\tloading=\"lazy\"\n\t\t\t\t\t\tdecoding=\"async\"\n\t\t\t\t\t>\n\t\t\t\t<\/a>\n\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div\n\t\t\t\tclass=\"web-stories-list__story\"\n\t\t\t\tdata-wp-interactive=\"web-stories-block\"\n\t\t\t\tdata-wp-context='{\"instanceId\":1}'\t\t\t\tdata-wp-on--click=\"actions.open\"\n\t\t\t\tdata-wp-on-window--popstate=\"actions.onPopstate\"\n\t\t\t\t>\n\t\t\t\t\t\t\t<div class=\"web-stories-list__story-poster\">\n\t\t\t\t<a href=\"https:\/\/in.nttdatapay.com\/blog\/web-stories\/working-and-benefits-of-private-banking-demystified\/\" >\n\t\t\t\t\t<img\n\t\t\t\t\t\tsrc=\"https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2024\/01\/working-and-benefits-of-private-banking-demystified-poster-page-640x853.jpg\"\n\t\t\t\t\t\talt=\"Working and Benefits of Private Banking Demystified\"\n\t\t\t\t\t\twidth=\"185\"\n\t\t\t\t\t\theight=\"308\"\n\t\t\t\t\t\t\t\t\t\t\t\t\tsrcset=\"https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2024\/01\/working-and-benefits-of-private-banking-demystified-poster-page.jpg 640w, https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2024\/01\/working-and-benefits-of-private-banking-demystified-poster-page-105x140.jpg 105w, https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2024\/01\/working-and-benefits-of-private-banking-demystified-poster-page-311x414.jpg 311w, https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2024\/01\/working-and-benefits-of-private-banking-demystified-poster-page-149x199.jpg 149w, https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2024\/01\/working-and-benefits-of-private-banking-demystified-poster-page-60x80.jpg 60w, https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2024\/01\/working-and-benefits-of-private-banking-demystified-poster-page-150x200.jpg 150w\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tsizes=\"auto, (max-width: 640px) 100vw, 640px\"\n\t\t\t\t\t\t\t\t\t\t\t\tloading=\"lazy\"\n\t\t\t\t\t\tdecoding=\"async\"\n\t\t\t\t\t>\n\t\t\t\t<\/a>\n\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div\n\t\t\t\tclass=\"web-stories-list__story\"\n\t\t\t\tdata-wp-interactive=\"web-stories-block\"\n\t\t\t\tdata-wp-context='{\"instanceId\":1}'\t\t\t\tdata-wp-on--click=\"actions.open\"\n\t\t\t\tdata-wp-on-window--popstate=\"actions.onPopstate\"\n\t\t\t\t>\n\t\t\t\t\t\t\t<div class=\"web-stories-list__story-poster\">\n\t\t\t\t<a href=\"https:\/\/in.nttdatapay.com\/blog\/web-stories\/why-digital-b2b-payments-will-become-conventional-in-the-near-future-an-overview\/\" >\n\t\t\t\t\t<img\n\t\t\t\t\t\tsrc=\"https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/11\/why-digital-b2b-payments-will-become-conventional-in-the-near-future-poster-page-640x853.jpg\"\n\t\t\t\t\t\talt=\"Why Digital B2B Payments Will Become Conventional in the Near Future: An Overview\"\n\t\t\t\t\t\twidth=\"185\"\n\t\t\t\t\t\theight=\"308\"\n\t\t\t\t\t\t\t\t\t\t\t\t\tsrcset=\"https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/11\/why-digital-b2b-payments-will-become-conventional-in-the-near-future-poster-page.jpg 640w, https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/11\/why-digital-b2b-payments-will-become-conventional-in-the-near-future-poster-page-105x140.jpg 105w, https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/11\/why-digital-b2b-payments-will-become-conventional-in-the-near-future-poster-page-311x414.jpg 311w, https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/11\/why-digital-b2b-payments-will-become-conventional-in-the-near-future-poster-page-149x199.jpg 149w, https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/11\/why-digital-b2b-payments-will-become-conventional-in-the-near-future-poster-page-60x80.jpg 60w, https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/11\/why-digital-b2b-payments-will-become-conventional-in-the-near-future-poster-page-150x200.jpg 150w\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tsizes=\"auto, (max-width: 640px) 100vw, 640px\"\n\t\t\t\t\t\t\t\t\t\t\t\tloading=\"lazy\"\n\t\t\t\t\t\tdecoding=\"async\"\n\t\t\t\t\t>\n\t\t\t\t<\/a>\n\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<div\n\t\t\t\tclass=\"web-stories-list__story\"\n\t\t\t\tdata-wp-interactive=\"web-stories-block\"\n\t\t\t\tdata-wp-context='{\"instanceId\":1}'\t\t\t\tdata-wp-on--click=\"actions.open\"\n\t\t\t\tdata-wp-on-window--popstate=\"actions.onPopstate\"\n\t\t\t\t>\n\t\t\t\t\t\t\t<div class=\"web-stories-list__story-poster\">\n\t\t\t\t<a href=\"https:\/\/in.nttdatapay.com\/blog\/web-stories\/nttdataswipemachine\/\" >\n\t\t\t\t\t<img\n\t\t\t\t\t\tsrc=\"https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/01\/cropped-person-paying-with-its-credit-card-640x853.webp\"\n\t\t\t\t\t\talt=\"Why Choose NTT DATA POS Machine\"\n\t\t\t\t\t\twidth=\"185\"\n\t\t\t\t\t\theight=\"308\"\n\t\t\t\t\t\t\t\t\t\t\t\t\tsrcset=\"https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/01\/cropped-person-paying-with-its-credit-card.webp 640w, https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/01\/cropped-person-paying-with-its-credit-card-105x140.webp 105w, https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/01\/cropped-person-paying-with-its-credit-card-311x414.webp 311w, https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/01\/cropped-person-paying-with-its-credit-card-149x199.webp 149w, https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/01\/cropped-person-paying-with-its-credit-card-60x80.webp 60w, https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2023\/01\/cropped-person-paying-with-its-credit-card-150x200.webp 150w\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tsizes=\"auto, (max-width: 640px) 100vw, 640px\"\n\t\t\t\t\t\t\t\t\t\t\t\tloading=\"lazy\"\n\t\t\t\t\t\tdecoding=\"async\"\n\t\t\t\t\t>\n\t\t\t\t<\/a>\n\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<div tabindex=\"0\" aria-label=\"Previous\" class=\"glider-prev\"><\/div>\n\t\t\t\t\t<div tabindex=\"0\" aria-label=\"Next\" class=\"glider-next\"><\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\r\n<h2><span style=\"font-weight: 400;\">6 Factors Affecting The Future of Payments<\/span><\/h2>\r\n<p><span style=\"font-weight: 400;\">Here are the six factors affecting the future of payments in India:<\/span><\/p>\r\n<h3><span style=\"font-weight: 400;\">1. Growth of UPI\u00a0<\/span><\/h3>\r\n<p><span style=\"font-weight: 400;\">The Unified Payments Interface (UPI) has revolutionised P2P transfers in India since its 2016 launch. UPI has revolutionised P2P transfers, clocking over 22.7 billion transactions worth $768 billion in 2023. With support from major banks and payment apps, UPI will facilitate over half of all digital payments in India by 2024.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">New use cases around international remittances and merchant payments will further boost UPI adoption. The National Payments Corporation of India (NPCI) aims to double up to 15-20 billion monthly <a href=\"https:\/\/in.nttdatapay.com\/blog\/upi-transaction-mistake\/\">UPI transaction<\/a> volumes.<\/span><\/p>\r\n<h3><span style=\"font-weight: 400;\">2. Expansion of Account Aggregator Framework<\/span><\/h3>\r\n<p><span style=\"font-weight: 400;\">The Account Aggregator (AA) framework launched in 2021 aims to make it easier for individuals to share their financial data with third parties for services like loans and investments. As more AAs receive final RBI approvals in 2024, this is expected to facilitate deeper <\/span><span style=\"font-weight: 400;\">open banking <\/span><span style=\"font-weight: 400;\">integrations, fuel fintech innovation, and enable value-added services like personal financial management tools.<\/span><\/p>\r\n<h3><span style=\"font-weight: 400;\">3. Pay Later Goes Mainstream<\/span><\/h3>\r\n<p><span style=\"font-weight: 400;\">Emerging payment options like Pay Later () are gaining popularity among young urban consumers. Major players like LazyPay, Simpl, and ZestMoney are expanding their merchant networks and targeting smaller cities.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">By 2024, over 50 million Indians will use Pay Later services for online and in-store purchases. This interest-free credit could capture 15-20% of e-commerce payments.<\/span><\/p>\r\n<h3><span style=\"font-weight: 400;\">4. Digital Wallets Consolidate Share\u00a0\u00a0<\/span><\/h3>\r\n<p><span style=\"font-weight: 400;\">While UPI grows exponentially, <a href=\"https:\/\/in.nttdatapay.com\/blog\/digital-wallets-future-of-online-payment-system\/\">digital wallets<\/a> will continue optimising their proposition around value-added services. Players like Paytm, Google Pay, and PhonePe are enhancing super apps with capabilities like stock trading and <\/span><span style=\"font-weight: 400;\">commerce<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Partnerships with merchants, banks, and other fintechs will help wallets defend market share. By 2024, the top three wallets may hold over 80% of India&#8217;s $1 trillion digital payments pie.<\/span><\/p>\r\n<h3><span style=\"font-weight: 400;\">5. Rise of New Payment Mechanisms<\/span><\/h3>\r\n<p><span style=\"font-weight: 400;\">Cutting-edge techniques demonstrate various new payment methods, including voice payments, digital rupee, wearables and contactless cards, and WhatsApp payments. By 2024, these solutions will find broader adoption in specialised use cases.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">The digital rupee pilot by the RBI in select cities and industries will provide insights into blockchain-based <a href=\"https:\/\/in.nttdatapay.com\/blog\/advantages-disadvantages-of-central-bank-digital-currencies\/\">central bank digital currencies<\/a>.<\/span><\/p>\r\n<h3><span style=\"font-weight: 400;\">6. Regulatory Developments\u00a0<\/span><\/h3>\r\n<p><span style=\"font-weight: 400;\">The Reserve Bank of India (RBI) will continue balancing financial inclusion goals with data and consumer protection. New regulations around data sharing, open banking APIs, <a href=\"https:\/\/in.nttdatapay.com\/blog\/what-is-a-third-party-payment-aggregator\/\">payment aggregators<\/a>, and international remittances in 2024 will help drive responsible innovation.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">However, some friction around compliance may temporarily slow the change pace. A progressive regulatory approach will be critical for the industry&#8217;s growth trajectory.<\/span><\/p>\r\n<h2><span style=\"font-weight: 400;\">Challenges For The Banks By 2024<\/span><\/h2>\r\n<p><span style=\"font-weight: 400;\">The following are five crucial challenges that the banks may face in 2024.<\/span><\/p>\r\n<h3><span style=\"font-weight: 400;\">1. Maintaining Relevance in the Fintech:\u00a0<\/span><\/h3>\r\n<p><span style=\"font-weight: 400;\">The emergence of innovative payment solutions by agile fintech companies will force banks to quicken their digital transformation and technological updates. Outdated core banking systems and legacy infrastructure could hamper the ability to roll out new features swiftly.\u00a0<\/span><\/p>\r\n<h3><span style=\"font-weight: 400;\">2. Managing Regulatory Compliance:<\/span><\/h3>\r\n<p><span style=\"font-weight: 400;\">Frequent policy changes aimed at data protection, consumer safety, and promoting UPI\/RuPay could strain <a href=\"https:\/\/in.nttdatapay.com\/blog\/neobanks-vs-traditional-banks-vs-challenger-banks\/\">traditional banks<\/a> with slower compliance mechanisms. Streamlining processes will be essential to avoid disruptions or penalties.<\/span><\/p>\r\n<h3><span style=\"font-weight: 400;\">3. Developing New Capabilities:\u00a0<\/span><\/h3>\r\n<p><span style=\"font-weight: 400;\">Emerging areas like open banking, embedded finance, and blockchain-based services require specialised skills that banks may not possess in-house. Strategic hiring, training programs, and partnerships can help build competencies.<\/span><\/p>\r\n<h3><span style=\"font-weight: 400;\">4. Mitigating Fraud and Risks:\u00a0<\/span><\/h3>\r\n<p><span style=\"font-weight: 400;\">Digital transactions face heightened cyberattacks, phishing scams, and money laundering risks. Banks must bolster security defences through AI-powered monitoring, multi-factor authentication, and anonymous sensitive data.\u00a0<\/span><\/p>\r\n<h3><span style=\"font-weight: 400;\">5. Adapting Business Models:\u00a0<\/span><\/h3>\r\n<p><span style=\"font-weight: 400;\">Sustained profitability requires reworking revenue models to capture platform value through <a href=\"https:\/\/in.nttdatapay.com\/blog\/what-is-the-merchant-discount-rate\/\">merchant discounts<\/a>, value-added services, and cross-selling opportunities generated from insights.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">The ability to overcome these challenges through agile technology integration, upskilling talent, and innovative partnerships will determine how effectively banks can participate in India&#8217;s digital payments revolution.<\/span><\/p>\r\n<h2><span style=\"font-weight: 400;\">Experience The Future of Payments in India With NTT DATA Payment Services<\/span><\/h2>\r\n<p><span style=\"font-weight: 400;\">Over the past decade, innovative companies like NTT DATA Payment Services have propelled India&#8217;s digital payments revolution. As one of the largest payment processors in the country, NTT DATA Payment Services has played a pivotal role in driving financial inclusion by powering key infrastructure behind UPI, wallets, and payment gateways.<\/span><\/p>\r\n<p><a href=\"https:\/\/www.nttdatapay.com\/\" target=\"_blank\" rel=\"noopener\">NTT DATA Payment Services <\/a>offers a complete payment solution to advance both your offline and online businesses from,<\/p>\r\n<ul>\r\n<li><a href=\"https:\/\/www.nttdatapay.com\/online-payment-gateway-india\" target=\"_blank\" rel=\"noopener\">Online Payment Gateway India<\/a><\/li>\r\n<li><a href=\"https:\/\/www.nttdatapay.com\/swipecard-pos-machine\" target=\"_blank\" rel=\"noopener\">POS machines<\/a><\/li>\r\n<li><a href=\"https:\/\/www.nttdatapay.com\/ivr-payment-system\" target=\"_blank\" rel=\"noopener\">IVR payments<\/a><\/li>\r\n<li>Mobile applications, and<\/li>\r\n<li><a href=\"https:\/\/in.nttdatapay.com\/blog\/bharat-qr-code-how-it-works-and-benefits\/\">Bharat QR Scan and Pay<\/a><\/li>\r\n<\/ul>\r\n<p>We\u00a0ensure maximum comfort, convenience, and safety for all your payments.<\/p>\r\n<h2><span style=\"font-weight: 400;\">A Promising Road Ahead: India&#8217;s Digital Payment Vision<\/span><\/h2>\r\n<p><span style=\"font-weight: 400;\">Emerging technologies will continue redefining what is possible, whether it is through voice or <\/span><a href=\"https:\/\/in.nttdatapay.com\/blog\/biometric-payment-system\/\"><span style=\"font-weight: 400;\">biometric authentication<\/span><\/a><span style=\"font-weight: 400;\">. New categories like Pay Later will enhance the shopping experience for consumers. Above all, partnerships between the government, <a href=\"https:\/\/in.nttdatapay.com\/blog\/types-of-central-bank-digital-currencies\/\">central bank<\/a>, private sector, and developers will remain crucial.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">If the past ten years have seen the mainstreaming of digital payments in India, the <\/span><span style=\"font-weight: 400;\">future of payments in India<\/span><span style=\"font-weight: 400;\"> will see its profound integration into billions of people&#8217;s everyday lives. With the continued momentum, the future remains bright for India to achieve its vision of becoming a truly digital economy.<\/span><\/p>\r\n<!-- \/wp:post-content -->\r\n\r\n<!-- wp:table -->\r\n<figure class=\"wp-block-table\">\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td><em>Also, you can get frequent updates on <a href=\"https:\/\/www.instagram.com\/nttdatapayments\/\" target=\"_blank\" rel=\"noopener\">nttdatapayments<\/a> Instagram page.<\/em><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/figure>\r\n<h2 style=\"text-align: center;\"><span style=\"font-weight: 400;\">Frequently Asked Questions (FAQs)<\/span><\/h2>\r\n<p><strong>1. What is the payment trend in 2024?<\/strong><\/p>\r\n<p><span style=\"font-weight: 400;\">Some of the major payment trends expected in 2024 include<\/span><\/p>\r\n<ul>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Growth of UPI transactions<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rise of Pay Later<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Increasing adoption of contactless payments<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Expansion of digital wallet services.<\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-weight: 400;\">Voice payments and digital rupee are two emerging technologies that are expected to acquire popularity.\u00a0<\/span><\/p>\r\n<p><strong>2. What is the future of the payment system in India?\u00a0\u00a0<\/strong><\/p>\r\n<p><span style=\"font-weight: 400;\">The future of payments in India looks promising, with projections of growing at a 40% CAGR to reach $10 trillion by 2026. UPI, wallets, and emerging options will drive further financial inclusion while delivering enhanced user experiences through innovations like biometrics and AI.<\/span><\/p>\r\n<p><strong>3. How will UPI evolve in 2024?<\/strong><\/p>\r\n<p><span style=\"font-weight: 400;\">UPI is expected to facilitate over 100 billion transactions in 2024 through use cases like international remittances, recurring payments, and integration with other platforms. The NPCI also aims to launch new features around value-added services and merchant settlements.\u00a0<\/span><\/p>\r\n<p><strong>4. What is the outlook for digital wallets?<\/strong><\/p>\r\n<p><span style=\"font-weight: 400;\">Digital wallets will optimise value offerings to defend market share from the rise of UPI. Players are expected to enhance app capabilities and partner with more merchants\/banks for services beyond payments. Interoperability will also improve user experience.<\/span><\/p>\r\n<p><strong>5. How will regulations shape the payments industry?\u00a0<\/strong><\/p>\r\n<p><span style=\"font-weight: 400;\">Progressive regulations on data sharing, open banking, payment aggregators, etc., will drive responsible innovation while protecting consumers. Some temporary friction may arise from <a href=\"https:\/\/in.nttdatapay.com\/blog\/compliance-requirements-for-payment-gateway\/\">compliance requirements<\/a>. The regulatory approach aims to balance financial inclusion, competition, and data security.<\/span><\/p><!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>India&#8217;s digital payments have grown exponentially over the last decade and are expected to grow further in 2024. UPI is projected to dominate payments, with NPCI aiming for 15-20 billion&#8230; <!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":4732,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[72],"class_list":["post-3717","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-payment","tag-future-of-payments-in-india"],"_links":{"self":[{"href":"https:\/\/in.nttdatapay.com\/blog\/wp-json\/wp\/v2\/posts\/3717","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/in.nttdatapay.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/in.nttdatapay.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/in.nttdatapay.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/in.nttdatapay.com\/blog\/wp-json\/wp\/v2\/comments?post=3717"}],"version-history":[{"count":5,"href":"https:\/\/in.nttdatapay.com\/blog\/wp-json\/wp\/v2\/posts\/3717\/revisions"}],"predecessor-version":[{"id":4565,"href":"https:\/\/in.nttdatapay.com\/blog\/wp-json\/wp\/v2\/posts\/3717\/revisions\/4565"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/in.nttdatapay.com\/blog\/wp-json\/wp\/v2\/media\/4732"}],"wp:attachment":[{"href":"https:\/\/in.nttdatapay.com\/blog\/wp-json\/wp\/v2\/media?parent=3717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/in.nttdatapay.com\/blog\/wp-json\/wp\/v2\/categories?post=3717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/in.nttdatapay.com\/blog\/wp-json\/wp\/v2\/tags?post=3717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}