Payments through PoS rose from 50.2 lakh transactions per day to 98.1 crore transactions a day post demonetization while in terms of value, it was up from Rs 1,112 crore to Rs 1,751 crore
Even in the demonetization era, the cheques are a declining trend while electronic payments are showing an enormous growth of over 400% to 1000% according to the government estimate.
On just the desi debit cards - Rupay cards - the activity has increased from 3.85 lakh to 16 lakh transactions a day. In terms of value, it grew over 500% from Rs 39.17 crore per day to Rs 236 crore per day.
The government is planning to set up 1 million Point of sale (PoS) terminals in three months, with lenders like State Bank of India planning to install 6 lakh PoS terminals.
According to government data, payments through PoS rose from 50.2 lakh transactions per day to 98.1 crore transactions per day post demonetization while in terms of value, it was up from Rs 1,112 crore to Rs 1,751 crore.
A P Hota, managing director and chief executive officer, NPCI said, "The online transactions, especially on cards is growing exponentially. But cheques are a declining trend. According to the NPCI data, until October the number of cheques was coming down month on month but in November it went up again by 4 million cheques purely due to demonetization. Otherwise, even November would have shown a declining trend, Hota said.
Transactions under United Payments Interface (UPI) increased from 3,721 per day to 48,238 per day, a whopping 1,196 % rise, with its value shooting up from Rs 1.53 crore per day to Rs 15 crore per day.
Manju Aggarwal, deputy managing director in charge of corporate strategy and new business, SBI, said, "Post demonetization, we are doing 6.67 lakh mobile transactions for Rs 2,415 crore per day. Prior to this, we had been doing 6.11 lakh transactions for Rs 1,721 crore per day. Buddy has been doing very well. We are seeing 70,000 plus registrations per day as against 6,000 per day earlier prior to demonetization. The transactions have also gone up from 40,000 for Rs 1.25 crore to 1 lakh for Rs 5 crore per day. However, the internet transactions have not seen any upsurge.
Ravi Shankar Prasad, Minister of Electronics and Information Technology (IT) (MeitY) & Law said in a press conference last week that payments through e-wallet had jumped from 17 lakh transactions per day to 63 lakh transactions per day with a rise in value from Rs 52 crore to Rs 191 crore.
With the Telecom Regulatory Authority of India (Trai) allowing the unstructured supplementary service data (USSD) to be used by mobile wallet companies from November 22, making online payments easier for the feature phone users.
Prasad added, "The rise in USSD payments during the one-month period was up from 97 per day to 1,263 per day and its value increased from Rs 1 lakh per day to Rs 14 lakh per day. These are small value transactions with the maximum limit of Rs 5,000 a day."
While prepaid card, debit card and also credit card usage is up, the cheque usage is up temporarily but it is rapidly coming down as people migrate to electronic payments. Among the electronic payments, immediate payment service (IMPS) is an instant interbank electronic fund transfer service through various channels such as mobile phones, ATMs, internet banking.
The current size of digital banking (including credit card + debit card transactions through PoS terminals, transaction through prepaid payment instruments like m-wallets, PPI cards, etc, and mobile banking) is around Rs 1.2 lakh crore, according to SBI economic research wing. But this is a moving figure with the number of digital payments being added every minute as cash is still scarce.
BIG CHANGE
- Payments through PoS rose from 50.2 lakh transactions per day to 98.1 crore transactions a day post demonetization while in terms of value, it was up from Rs 1,112 crore to Rs 1,751 crore
- Transactions under UPI increased from 3,721 per day to 48,238 per day, a whopping 1,196% rise, with its value shooting up from Rs 1.53 crore per day to Rs 15 crore per day
- While prepaid card, debit card and also credit card usage is up, the cheque usage is up temporarily but it is rapidly coming down as people migrate to electronic payments
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