MUMBAI: The debit and bank card transactions have jumped to Rs 74,090 crore in September this 12 months, up a hefty 84 in step with cent as compared to the similar month remaining 12 months when it stood at Rs 40,130 crore, due to the federal government push for non-cash payments, says a find out about.
The transaction quantity in any respect points of sale (POSes) clipped upper by way of 86 in step with cent to 378 million in September this 12 months over the similar period remaining 12 months when it stood at 203 million, European cost solutions provider Worldline mentioned in a weekend document quoting the Reserve Bank data.
In September 2016 the number stood at 203 million, it added.
"With demonetisation, people were pushed to use non- cash modes of payment for everyday expenses. Even after the cash is back to the pre-demonetisation levels, there is a visible growth in card transactions," Deepak Chandnani, chief government of Worldline South Asia & Middle East, told PTI.
The push to increase cards usage started with the Prime Minister Jan Dhan Yojana (PMJDY) in August 2014, the survey mentioned.
Total number of cards as of September 2017 stood at 853 million. Of this, 33.three million have been credit cards and 819.eight million have been debit cards.
There used to be a marked spurt, especially for debit cards, which shot by way of 39 in step with cent in 2015 as a result of the new Jan Dhan accounts. Post-demonetisation, enlargement has been averaging at 22 in step with cent, the survey added.
The enlargement of credit cards from 2016 to 2017 has been 24 in step with cent, upper than the average enlargement however in line with the fad of the previous few years, the find out about mentioned.
Between 2011 and 2016, credit cards have seen a steady nine in step with cent building up.
The find out about further mentioned digital cost companies have seen a considerable soar in business following the federal government's push against cashless transactions after the note-ban remaining November, and the major contributor to this enlargement used to be online payments.
According to RBI, after the note-ban, digital transactions rose 31 in step with cent from remaining November to this September.
Growth rate of the digital payments industry, which used to be previous in the vary of 20-50 in step with cent, has sped up post-demonetisation to over 40 in step with cent.
As of September, the number of transactions at the unified payments interface (UPI) jumped 85 in step with cent in a month. The rise in UPI adoption could also be facilitated by way of the upward thrust in smartphone customers and larger availability of 3G and 4G data (89 in step with cent of total mobile data), the survey mentioned.
The transaction quantity in any respect points of sale (POSes) clipped upper by way of 86 in step with cent to 378 million in September this 12 months over the similar period remaining 12 months when it stood at 203 million, European cost solutions provider Worldline mentioned in a weekend document quoting the Reserve Bank data.
In September 2016 the number stood at 203 million, it added.
"With demonetisation, people were pushed to use non- cash modes of payment for everyday expenses. Even after the cash is back to the pre-demonetisation levels, there is a visible growth in card transactions," Deepak Chandnani, chief government of Worldline South Asia & Middle East, told PTI.
The push to increase cards usage started with the Prime Minister Jan Dhan Yojana (PMJDY) in August 2014, the survey mentioned.
Total number of cards as of September 2017 stood at 853 million. Of this, 33.three million have been credit cards and 819.eight million have been debit cards.
There used to be a marked spurt, especially for debit cards, which shot by way of 39 in step with cent in 2015 as a result of the new Jan Dhan accounts. Post-demonetisation, enlargement has been averaging at 22 in step with cent, the survey added.
The enlargement of credit cards from 2016 to 2017 has been 24 in step with cent, upper than the average enlargement however in line with the fad of the previous few years, the find out about mentioned.
Between 2011 and 2016, credit cards have seen a steady nine in step with cent building up.
The find out about further mentioned digital cost companies have seen a considerable soar in business following the federal government's push against cashless transactions after the note-ban remaining November, and the major contributor to this enlargement used to be online payments.
According to RBI, after the note-ban, digital transactions rose 31 in step with cent from remaining November to this September.
Growth rate of the digital payments industry, which used to be previous in the vary of 20-50 in step with cent, has sped up post-demonetisation to over 40 in step with cent.
As of September, the number of transactions at the unified payments interface (UPI) jumped 85 in step with cent in a month. The rise in UPI adoption could also be facilitated by way of the upward thrust in smartphone customers and larger availability of 3G and 4G data (89 in step with cent of total mobile data), the survey mentioned.
Card transactions soar 84% in Sep 2017 to Rs 74,090 cr: Report
![Card transactions soar 84% in Sep 2017 to Rs 74,090 cr: Report]()
Reviewed by Kailash
on
November 19, 2017
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