Digital · indicator 8
Digital transaction volume
Modi aheadComparable data exists for 8 countries but begins in 2012, leaving too few pre-2014 years to fit a synthetic counterfactual. India is placed against those peers directly instead.
2013
2.81
baseline
2024
144
latest observed
Change
+5008%
rank 1 of 8 peers
India against reporting peers
transactions per person per year · BIS CPMI Red Book — cashless payments, total volume. India in orange; the other 7 countries that report on a comparable basis in grey. Growth multiple 2013–2024.
- 1India51.1×
- 2China21.1×
- 3Indonesia15.4×
- 4Argentina9.4×
- 5Türkiye6.1×
- 6Brazil5.3×
- 7Mexico4.7×
- 8South Africa2.8×
What this measures
Digital transaction volume, in transactions per person per year. A rising number is an improvement. Reported by BIS CPMI Red Book — cashless payments, total volume.
It stood at 2.81 in 2013, and under Modi’s current India reached 144 by 2024 — a rise of 5008%. That is an improvement against India’s pre-2014 figure.
Comparable countries report this, but the series starts too late to build Rahul's India, so Modi's current India is placed against those peers directly rather than against an estimate.
Decade totals
transactions per person per year · BIS CPMI Red Book — cashless payments, total volume
Why no counterfactual
BIS CPMI reports comparable cashless-payment volumes for only 8 of the donor pool and only from 2012, leaving two pre-treatment years — too few to fit or validate a synthetic counterfactual. Peer trajectories are shown instead.
Observation quality
- 2010
- —
- 2014
- 3.54
- 2024
- 144
- 2026
- 144
No sufficiently comparable observation located
Comparable observation for the requested year · 2014
Comparable observation for the requested year · 2024
Requested year not yet published; latest observation repeated · 2024
Replaces the original UPI-only series, which has no cross-country analogue. Total cashless payments covers cards, e-money, credit transfers, direct debits and fast payments including UPI.
The counterfactual is 'India without the 2014 structural break', estimated from comparator countries. It is not a forecast of any individual's policies.