Electronic payments saw a significant rise in terms of value but dipped in volume in September over the previous month, according to the Reserve Bank of India’s (RBI’s) monthly bulletin for November.
The total value of these payments in September was Rs 220 lakh crore as against Rs 200 lakh crore in August, a jump of 10 per cent. However, the volume dipped to 1,868.74 million in September, from 1,906.25 million the previous month, it said.
Mobile banking continued to grow both in terms of value and volume. The volume and value of mobile banking transactions in September were 113.69 million and Rs 84,782 crore, respectively, as against 99.64 million and Rs 79,913 crore in August.
Credit and debit card transactions saw a slight rise in volume but fell in value. The value of credit card payments was Rs 37,776 crore in September as against Rs 36,603 crore in August. The value of debit card payments rose to Rs 2,78,583 crore in September, from Rs 2,70,708 crore in August.