# $271 billion consumer spending to shift from cash to cards, digital payments by 2023 in India: Accenture | Tech News (HT Tech)

> The report forecasted that nearly 420 billion transactions worth $7 trillion, globally are expected to shift from cash to cards and digital payments by 2023 – and increase to $48 trillion by 2030.

# $271 billion consumer spending to shift from cash to cards, digital payments by 2023 in India: Accenture

## The report forecasted that nearly 420 billion transactions worth $7 trillion, globally are expected to shift from cash to cards and digital payments by 2023 – and increase to $48 trillion by 2030.

Aug 21 2022, 00:11 IST

![Follow on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/follow-us-facebook.png)

![Follow on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/follow-us-facebook-hover.png)

![Share](https://images.hindustantimes.com/tech/static/revamp/images/png/Share.png)

![Share](https://images.hindustantimes.com/tech/static/revamp/images/png/Shareclicked.png)

![Share on WhatsApp](https://images.hindustantimes.com/tech/static/revamp/images/png/whatsapp.png)

![Share on WhatsApp](https://images.hindustantimes.com/tech/static/revamp/images/png/whatsapp-hover.png)

![Share on Twitter](https://images.hindustantimes.com/tech/static/revamp/images/png/twitter.png)

![Share on Twitter](https://images.hindustantimes.com/tech/static/revamp/images/png/twitter-hover.png)

![Share on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/facebook.png)

![Share on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/facebook-hover.png)

![Bookmark](https://images.hindustantimes.com/tech/static/revamp/images/png/Bookmark.png)

![Bookmarked](https://images.hindustantimes.com/tech/static/revamp/images/png/Bookmarked.png)

![Paytm last week termed its temporary ban an ‘arm-twisting’ tactic.priyanka parashar/mint](https://images.hindustantimes.com/tech/img/2020/11/24/1600x900/9738b374-01a6-11eb-80e8-6f4040557abc_1606224510188_1606224577842.jpg)

Paytm last week termed its temporary ban an ‘arm-twisting’ tactic.priyanka parashar/mint (MINT_PRINT)

![Author Photo](https://images.hindustantimes.com/tech/static/revamp/images/png/HTTech-new-circle-logo.png)

### By PTI

About 66.6 billion transactions worth $270.7 billion are expected to shift from cash to cards and digital payments by 2023 in India, and further increase to USD 856.6 billion by 2030, a report by Accenture said on Tuesday.

This rapid shift to digital payments due to the COVID-19 pandemic is urgently increasing the need for banks to modernise their payment systems, the report, titled 'Playing the Long Game in Payments Modernisation', said.

The report is based on a survey of 120 payments executives at banks globally regarding the transformation of their payments business, as banks make multi-year investments to compete with non-bank digital-payments providers and comply with new regulations.

Also read

click here.

ALSO READ: WhatsApp Pay now available to all users in India

Conducted between July and August this year, the report surveyed markets including Australia, Brazil, Canada, China, India, Norway, Singapore, Thailand, the UK and the US. It noted that the expected drop in cash volume is based on GlobalData and Accenture Research assumptions.

Also, the forecast of non-cash transactions in consumer spending is calculated using cash evolution data and MSC rates provided by GlobalData.

"In India, 66.6 billion transactions worth $270.7 billion are expected to shift from cash to cards and digital payments by 2023 – and increase to USD 856.6 billion by 2030," it said.

The rapid move to digital payments has put additional pressure on banks, with three-quarters (75 per cent) of surveyed bank executives saying that the pandemic has increased the urgency of their plans to modernise payment systems, the report added.

ALSO READ: PhonePe is now available at over 20 lakh stores in Maharashtra

"COVID-19 has accelerated the shift to digital payments at a pace banks could not have predicted. The pandemic will permanently change how consumers shop and pay for products as they prioritise convenience above all else," Sulabh Agarwal, who leads Accenture's Payments practice globally, said.

He added that while banks' investments in new payments systems have focused primarily on meeting compliance deadlines, the way they will drive value moving forward is by embracing the changing consumer dynamic and improving the customer experience.

"While India has been ahead of the curve in terms of real-time digital payments infrastructure driven by UPI and 24x7 NEFT, the pandemic has led to a further increase in digital, contactless payments as consumer behavior has undergone a shift," Sonali Kulkarni, Lead – Financial Services, Accenture in India, said.

With newer players launching their payments offerings and increased uptake of 'Buy Now Pay Later' schemes, consumer experience and convenience is bound to improve significantly, she added.

"Banks in India have been making multi-year investments to modernise their payments systems, and going forward, we expect them to strengthen these investments to scale up and improve the resilience of their digital payment operations," she said.

Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

24 Nov, 19:01 IST

paytm

google pay

accenture

![HT Tech Awards](https://tech.hindustantimes.com/ht-tech-power-list-awards-2026/httech-awards-banner-new.webp)

### Related Stories

07 Oct 2026

71,606,224,386,573

NEXT ARTICLE BEGINS

![View all](https://images.hindustantimes.com/tech/static/revamp/images/png/view-all-icon.png)

## Tips & Tricks

![Ghibli-style art](https://images.hindustantimes.com/tech/img/2025/03/28/414x233/ChatGPT_Ghibli_style_images_1743161814450_1743161814596.jpg)

### How to turn your photos into Ghibli-style art with ChatGPT for free: Step-by-step guide

![How to create an invitation using iPhone’s new Apple Invites app- Step-by-step guide](https://images.hindustantimes.com/tech/img/2025/02/14/414x233/invites_1738728829564_1739543695649.png)

### How to create an invitation using iPhone’s new Apple Invites app- Step-by-step guide

![Apple TV app arrives on Android phones and tablets: What you get and how to install it](https://images.hindustantimes.com/tech/img/2025/02/13/414x233/unnamed_1739426557335_1739426567634.jpg)

### Apple TV app arrives on Android phones and tablets: What you get and how to install it

![Vodafone Idea OTT plans](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png)

### Vodafone Idea users can now stream 17 OTT apps with one subscription: Here's how

![Android data transfer methods](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png)

### How to transfer data from one Android to another using Google backup, USB-C cable, and more

## Editor’s Pick

![iPhone 16e launched with A18 chip, Apple AI—bringing flagship power on a budget: Check specs, price](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png)

### iPhone 16e launched in India: All details about the new budget mobile from Apple

![DeepSeek was founded in China with only a fraction of the budget of the top AI companies in the US.](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png)

### DeepSeek AI: How it works, who’s behind it, how it’s different from ChatGPT, and its big US market impact explained

![iPhone 17 Air likely to get this feature that iPhone 17 Pro models may miss out on](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png)

### iPhone 17 Air likely to get this feature that iPhone 17 Pro models may miss out on

![Google Whisk AI explained: How remixing works, availability, and how it differs from Gemini](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png)

### Google Whisk AI explained: How remixing works, availability, and how it differs from Gemini

![iOS 18.4 beta arriving soon: Know why it is the biggest iPhone update](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png)

### iOS 18.4 beta arriving soon: Know why it is the biggest iPhone update

## Trending Stories

![Airtel 5G SIM card will now be delivered in 10 minutes with Blinkit- How to order](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png)

### Airtel 5G SIM card will now be delivered in 10 minutes with Blinkit- How to order

![Infinix Note 50s 5G+](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png)

### Infinix Note 50s 5G+ set to launch in India with 64MP camera and MediaTek Dimensity 7300 SoC

![Xiaomi X Pro QLED Series sale starts in India: Check price, availability, and more](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png)

### Xiaomi X Pro QLED Series sale starts in India: Check price, availability, and more

![Apple Intelligence AI training](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png)

### Apple plans to train AI using your on-device data without accessing personal content or emails: Report

![CMF Buds 2](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png)

### CMF Buds 2 key features and price revealed ahead of April 28 launch: Details inside

keep up with tech

![Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/tech-facebook.png)

![Twitter](https://images.hindustantimes.com/tech/static/revamp/images/png/tech-twitter.png)

![WhatsApp](https://images.hindustantimes.com/tech/static/revamp/images/png/tech-whatsApp.png)

![Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/tech-facebook.png)

## Gaming

![Check out these five gaming monitors under  <span class='webrupee'>₹</span>20,000,](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png)

### Top 5 gaming monitors under ₹20000 you should consider

![gaming consoles](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png)

### Grab gaming consoles at discounted rates during Amazon Great Indian Festival: Up to 72% off

![Pokémon GO Wild Area 2025](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png)

### Pokémon GO Wild Area 2025 to bring Grimmsnarl family, Shiny Hatenna, and global challenges

![Shade Silver](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png)

### Shade Silver free on Steam for a limited time: Here’s how to get it

![Call of duty](https://images.hindustantimes.com/tech/static/revamp/images/png/ht-tech-bg-img-90-66.png)

### Call of Duty: Black Ops 7 skips Switch 2 at launch, release date and price leak

![View all](https://images.hindustantimes.com/tech/static/revamp/images/png/view-all-icon.png)

## Trending News

### Airtel 5G SIM card will now be delivered in 10 minutes with Blinkit- How to order

![Airtel 5G SIM card will now be delivered in 10 minutes with Blinkit- How to order](https://images.livemint.com/static/static/1x1_img.gif)

### Infinix Note 50s 5G+ set to launch in India with 64MP camera and MediaTek Dimensity 7300 SoC

![Infinix Note 50s 5G+](https://images.livemint.com/static/static/1x1_img.gif)

### Xiaomi X Pro QLED Series sale starts in India: Check price, availability, and more

![Xiaomi X Pro QLED Series sale starts in India: Check price, availability, and more](https://images.livemint.com/static/static/1x1_img.gif)

### Apple plans to train AI using your on-device data without accessing personal content or emails: Report

![Apple Intelligence AI training](https://images.livemint.com/static/static/1x1_img.gif)

### CMF Buds 2 key features and price revealed ahead of April 28 launch: Details inside

![CMF Buds 2](https://images.livemint.com/static/static/1x1_img.gif)

## Trending Gadgets

Mobiles

Laptops

Tablets

![HT Tech](https://images.hindustantimes.com/tech/static/revamp/images/png/HT_tech-new.gif)

- https://tech.hindustantimes.com/tech/news/-271-billion-consumer-spending-to-shift-from-cash-to-cards-digital-payments-by-2023-in-india-accenture-71606224386573.html