Digital Payments

Digital payments jump by 57% in FY17

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Indicating an acceptance towards a cashless society, digital payments have reported an increase of 57% year-on-year in the last fiscal.

Mobile wallets increased to 1.1 billion transactions from 603 million transactions last year, card payments reached 2.8 billion transactions against 1.9 billion transactions last year, reported the Economic Times.

Aadhaar-enabled payment systems and the government-backed, Unified Payments Interface (UPI), have also helped in giving a big boost to digital transactions in 2016-17 when the total number of such transactions crossed 8.8 billion.

“We are seeing a huge jump in transactions on RuPay cards done at point of sales terminals as well as online, along with considerable growth on UPI (Unified Payments Interface) platform, which we hope will show more traction in the following year and help us achieve the target of 25 billion transactions for the year,“ said AP Hota, managing director, NPCI.

 “We have around 1 lakh BharatQR codes that have been distributed across merchant outlets this year and we plan to do another additional 93,000 the coming year,“ he said.

While UPI and AEPS are the latest modes of transaction being pushed by the government, mobile wallets and plastic cards also helped digital payments show strong growth.

“RuPay, the domestic card payments network, has reached 361 million of domestic cards in circulation and around 15 million of international cards. The company has around 33% market share in ATM transactions and 17% at PoS terminals,” he said.

“As of this year we have notched 195 million transactions of RuPay cards at PoS terminals and around 87.5 million transactions for online transactions,“ said Hota.

 “Now around seven to eight banks are issuing all their incremental cards on the RuPay network.UPI, including transactions on BHIM, has reached 16.7 million transactions in 2016-17 and that for AEPS reached 335 million transactions in total,“ said Hota.

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