1. Digital payments see strong growth, IMPS volumes up 86 percent

Digital payments see strong growth, IMPS volumes up 86 percent

Among the modes of retail digital payments that got a push from demonetisation, the Immediate Payment Service has been the most successful in keeping up the pace.

By: | New Delhi | Published: February 13, 2018 3:41 AM
Digital payments , demonerisation, rbi, imps Most other modes too grew in volumes, with card payments being the only outlier. (Reuters)

Among the modes of retail digital payments that got a push from demonetisation, the Immediate Payment Service (IMPS) has been the most successful in keeping up the pace. According to data released by the RBI, the volume of IMPS transactions rose 86% y-o-y to 98 million, and the aggregate transaction value rose 102% to Rs 87,106 crore.

While the growth seen in the Unified Payments Interface (UPI) channel was several times higher — transaction volumes jumped 74 times between December 2016 and December 2017— the channel came into existence much after IMPS.

Most other modes too grew in volumes, with card payments being the only outlier. Volume of credit and debit card transactions at point-of-sale (PoS) machines fell 4.4% y-o-y to 414 million, even as the value of transactions rose 11.6% to Rs 82,311 crore.

Prepaid payment instruments (PPIs), comprised mainly of mobile wallets and prepaid cards, saw transaction volumes rise 22.5% y-o-y to 320 million in December 2017. The value of transactions rose 47% y-o-y to Rs 14,334 crore.

The volume of National Electronic Fund Transfer (NEFT) transactions rose a mere 1.6% y-o-y to 169 million in December 2017, while the value of transactions rose 37% to `15.78 lakh crore between December 2016 and December 2017.

Calculate your income tax post budget 2018 through this Income Tax Calculator, get latest news on Budget 2018 and Auto Expo 2018. Like us on Facebook and follow us on Twitter.

  1. Ramachandran Narayan
    Feb 13, 2018 at 7:08 pm
    How much commission Card Companies are making. Will they get any Commission if it was a Cash transaction. This is transpa corruption that BJP Govt. is doing. Govt. also should make public how much money was made by Card Companies thru such digital transactions!!!!!
    Reply

    Go to Top