Infocomm Infocomm
24th NBFC100 TECH SUMMIT AWARDS 24th NBFC100 TECH SUMMIT AWARDS
BFSI AI SUMMIT BFSI AI SUMMIT
Home Regulators RBI SEBI TechINFRA Security Data Centre Cloud Services Government Reforms DBT Aadhaar GST Payments Payment Gateways ATM Point of Sale Payment Wallets Fintech Apps Banks Public Sector Private Sector Cooperative NBFCs Year Ender Magazine Magazine Subscription Articles Interviews Webinars Webinar Videos Video Series — Innovation Talk Upcoming Initiatives BFSI Events About Us Contact Us

Card transactions reach Rs 74,090 crore, up 84%: Report

Credit cards

Credit CardDigital banking seems to be soaring as debit and credit card transactions report an 84 per cent rise in the September this year as compared to the corresponding month in 2016, says a recent study.

According to Worldline, European payment solutions provider, the transaction volume at all points of sale (POSes) rose by 86 per cent and reached 378 million in September this year against 203 million during September 2016.

Advertisementgreylabs

Praising the reforms and measures taken by Prime Minister Narendra Modi-led government, the report said that the rise witnessed in debit and credit card transactions started with Prime Minister Jan Dhan Yojana (PMJDY) initiated in August 2014.

“With demonetisation, people were pushed to use non- cash modes of payment for everyday expenses. Even after the cash is back to the pre-demonetisation levels, there is a visible growth in card transactions,” said Deepak Chandnani, Chief Executive, Worldline, South Asia and the Middle East.

Advertisement24th Elets NBFC100 Tech Summit & Awards, Mumbai

The report further revealed that out of 853 million card transactions recorded during September 2017, 33.3 million were of credit cards and 819.8 million were through debit cards.

AdvertisementInfoComm India 2026

According to the Reserve Bank of India (RBI), due to demonetisation, digital transactions inflated to 31 per cent from last November 2016 to this September 2017.

AdvertisementElets BFSI AI Summit & Awards, Mumbai

Recently, Moody’s report also praised the reforms namely the Goods and Services Tax (GST) and demonetisation introduced by the Central Government.

World Bank’s “Ease of Doing Business” also reported several positive changes in India and included it amongst top 100 nations in the rankings.

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram.

Our Coverage of Digital Payments

RBI Enhances UPI Lite Limits to Boost Offline Digital Payments

The Reserve Bank of India (RBI) has raised the UPI Lite wallet limit to ₹5,000 and the per-transaction… Read more →

PhonePe partners with LankaPay to enable UPI transactions in Sri Lanka

In a significant move to enhance cross-border payments, fintech major PhonePe has collaborated with Sri Lanka-based LankaPay to… Read more →

Axis Bank launches ‘MicroPay’ based on 'Pin on Mobile' technology for digital payments

The first pocket-sized swipe reader in India based on "Pin on Mobile" technology was introduced by private sector… Read more →

HDFC implements offline digital payments under sandbox of RBI

HDFC Bank has begun a pilot initiative to enable digital payments in the offline mode under a regulatory… Read more →

HDFC Bank, Flywire collaborate to offer edu digital payments

HDFC Bank Limited, India's largest private-sector bank, announced today that it has partnered with Flywire Corporation, a global… Read more →

Indian Overseas Bank launches Retail Lonas on Digital Platform

Indian Overseas Bank today announced the launch of  Retail Loans (home loan, personal loan & clean loan) on… Read more →