Digital 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.
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.
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.
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.
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/
