Digital transactions rose by 6.05% in December 2017

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The volume of digital transactions in December reached a new peak by crossing the one billion mark for the first time, according to the provisional data released by the Reserve Bank of India (RBI).

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Credit card and debit card transactions rose by 5% to 257.2 million

According to the data, the number of digital transactions in December 2017 rose by 6.05% to 1.06 billion from 997.1 million in November.

Transactions worth Rs.125.51 trillion were taken place using the digital channels in December. The month has seen the second highest volume of transactions after March which recorded Rs.149.59 trillion in the year.

The total transaction value recorded in December includes payments made using credit cards, debit cards, unified payments interface (UPI), pre-paid payment instruments (PPIs), unstructured supplementary service data (USSD) and internet banking.

UPI-based transactions once again recorded the highest growth among all other channels. The volume of UPI-based transactions rose to 145.5 million, an increase of 40% from 104.8 million in November, while their value increased to Rs.131.4 billion, a 36% rise from Rs.96.4 billion in the previous month.

In the last one year, the volume of UPI transactions rose by about 7000% with the major growth recorded following the launch of BHIM app by the central government. In the month of December alone more than 9 million transactions were conducted on BHIM app.

Transactions through PPIs such as mobile wallets also recorded a significant growth in December. A total of 99.1 million PPI-based transactions were recorded in the month with a total value of Rs.35.1 billion.

Credit card and debit card transactions at the point-of-sale terminals rose by 5% in volume to 257.2 million from 244.6 million in November. The value of the transactions rose by 6.7% from Rs.483.3 billion in the previous month to Rs.515.9 billion in December.

While NEFT (National Electronic Funds Transfer) related transactions recorded a 4% growth, RTGS (Real Time Gross Settlement) payments rose by 1% compared to the preceding month.

Read more here.

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