Affluent Indians Managing Over 434 Peer-to-Peer Transactions Annually: Report
India’s affluent class is witnessing an unprecedented surge in financial activity, with the median individual managing over 434 peer-to-peer (P2P) banking transactions annually, according to a recent report by CRED Money.
New Delhi: India’s affluent class is witnessing an unprecedented surge in financial activity, with the median individual managing over 434 peer-to-peer (P2P) banking transactions annually, according to a recent report by CRED Money. The report highlights a significant shift in earning, investing, and spending patterns, fueled by the adoption of digital finance tools.
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Key Findings: Rise in Digital Transactions and Investments
The financial complexity among affluent Indians has led to a widespread adoption of digital personal finance management products in the past year. The report reveals:
- 42% of affluent Indians receive dividend payments, averaging 10 times per year, indicating a strong passive income strategy.
- The median user actively invests 28 times a year, with 71% engaging in investment activities.
- 116 incoming P2P transactions per year (totaling ₹7,82,838) versus 318 outgoing transactions (₹6,93,349 annually) highlight a departure from traditional salary-based earnings.
UPI Driving High-Velocity Transactions
The surge in banking transactions is largely driven by Unified Payments Interface (UPI) and other digital payment systems. Affluent Indians are among the strongest adopters of multiple payment methods, with credit card users increasingly leveraging UPI transactions.
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The account aggregator framework is further empowering individuals to manage transactions efficiently, boosting financial control.
Spending Trends Among Affluent Indians
The report also sheds light on spending habits:
- 33 shopping debits annually
- 16 health and wellness debits
- 38 food and drink debits
- 25 transportation debits
UPI Growth in 2024: 46% Surge in Transaction Volume
As per NPCI data, the UPI transaction volume in 2024 surged by 46%, reaching 172 billion transactions, up from 118 billion in 2023. In value terms, UPI transactions grew by 35%, totaling nearly ₹247 lakh crore in 2024, compared to ₹183 lakh crore in 2023.
Conclusion: Digital Finance Reshaping India’s Wealth Management
The rapid digitization of financial services is redefining wealth management among India’s affluent. With the continued rise of UPI, digital investments, and passive income strategies, the country is moving toward a tech-driven financial ecosystem.
