Digital transaction see robust growth during FY 2018-19

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Published: August 30, 2019 2:46:40 AM

Under electronic payments, the Real Time Gross Settlement (RTGS) system handled 137 million transactions valued at Rs 1,357 lakh crore in 2018-19, up from 124 million transactions valued at Rs 1,167 lakh crore in the previous year.

Digital transaction, RTGS, NEFT facility, point of sale, Prepaid Payment Instruments, RBIThe share of electronic transactions in the total volume of retail payments increased to 95.4% in 2018-19, up from 92.6% in the previous year, the central bank observed.

The payment and settlement systems recorded a robust growth during 2018-19, with volume and value growing at 54.3% and 14.2%, respectively. The growth in both the parameters was higher compared to 2017-18, when payment and settlement volumes and value increased 44.6% and 11.9%, respectively. The share of electronic transactions in the total volume of retail payments increased to 95.4% in 2018-19, up from 92.6% in the previous year, the central bank observed.

Under electronic payments, the Real Time Gross Settlement (RTGS) system handled 137 million transactions valued at Rs 1,357 lakh crore in 2018-19, up from 124 million transactions valued at Rs 1,167 lakh crore in the previous year.
At the end of March 2019, the RTGS facility was available through over 1.43 lakh branches of 216 banks.
NEFT system handled 2.3 billion transactions valued at around Rs 228 lakh crore in 2018-19, up from 1.9 billion transactions valued at Rs 172 lakh crore in the previous year, registering a growth of 19.1% in terms of volume and 32.3% in terms of value.

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At the end of March 2019, the NEFT facility was available through over 1.45 lakh branches of 209 banks, in addition to a large number of business correspondent (BC) outlets. “Going forward, Vision 2021 envisages to achieve a ‘highly digital’ and ‘cash-lite’ society through the goalposts of competition, cost, convenience and confidence, thus empowering every citizen with an access to a bouquet of e-payment options,” the RBI said.

During 2018-19, the number of card payment transactions carried out through credit cards and debit cards was 1.8 billion and 4.4 billion, respectively. Prepaid Payment Instruments (PPIs) recorded a volume of about 4.6 billion transactions valued at Rs 2,129 billion (Rs 2.13 lakh crore).

The acceptance infrastructure also witnessed substantial growth – the number of point of sale (PoS) terminals increased 21% to 3.72 million at end-March 2019 from 3.08 million at end-March 2018. However, during the same period, the number of ATMs witnessed a decline from over 2,22,247 to 2,21,703.

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