Digital Payments

Digital transactions slip by 21 % in June quarter

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Exhibiting a negative trend pertaining to cashless drive in the country, digital transactions have reported a fall by 21 per cent between January and April.

According to the Central Government’s data, digital transactions reported a soaring rise of 4,000 per cent jump in terms of value between November 2016 and April 2017 throughout the country, post the demonetisation drive.

The data further quoted while the volume-wise  transactions in January 2017 were 3,14,000 crore, they number crashed down to 1,88,000 crore in April this year.

Post demonetisation, the value of digital transactions stood at Rs 7,302 crore (November 2016 and April 2017). However within a month, i.e. in December these transactions reported a  whopping rise of 5,128 per cent and moved to Rs 1,03,718 crore.

Reporting a further rise, between January 2017, the value of digital transactions rose to  Rs 3,81,760 crore due to the unavailability of cash currency.

But the trend started going downward with the flow of cash currency in the market, digital transactions witnessed a dip in both value and volume.

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