The National Electronic Funds Transfer (NEFT) volumes have grown upwards of 30% with a further around 10% improvement in per-transaction size, resulting in around 40% growth by value, it said.
Similarly, the Immediate Payment Service (IMPS) is showing stellar growth on a smaller base.
"While growth has come off the low base, it still continues to grow at 100% plus. Instant payment, with ease of choosing the receiver and its 24x7 availability, makes it a very useful and attractive payment system," Jefferies said.
"Card swipes are growing at sub-10% with no change in ticket size resulting in sub-10% growth in transaction value after a sudden spike during demonetisation."
On the other hand, the Unified Payment Interface (UPI) has seen a reasonable pick up with the government promoter BHIM mobile app (payment app) continuing to show a healthy growth in volumes.
"Total monthly spends have nearly tripled since demonetisation for transactions over POS (point of sale) while e-commerce spends have more than doubled. Considering RuPay cards were mostly provided during the financial inclusion drive, such trends are very encouraging."
Meanwhile, credit cards have seen a secular growth. Card spends have increased to 40% plus with a similar improvement in total transactions.
"Card outstanding contributes a fair degree of uplift to the overall unsecured loans within the retail portfolio. However, the revolver rates across banks continue to be flat and hence don't signify any immediate risk to default situation in this segment," Jefferies said.
The central government had on November 8, 2016, announced the demonetisation of the Rs 500 and Rs 1,000 currency notes.
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