Electronic payments in August rise in volume but dip in value

Indicates people may have started using electronic modes for smaller value transactions as well

The representative data on electronic transactions of a few large banks showed a rise in total volume, but dip in value, indicating that people may have started using electronic modes for smaller value transactions as well. The total value registered through all modes of electronic transactions in these banks were registered at Rs 107.5 lakh crore, against a volume of 859 million. In June, the figures were Rs 113.75 lakh crore and 845 million respectively. For this chart, only key indicators have been taken, such as immediate payment services, unified payment interface, cards at point-of-sales terminals and mobile banking, while the rest of the transactions such as real gross time settlement (RTGS) and national electronic funds transfer (NEFT) and cheques have been left out. The volumes registered are still lower than December’s 958 million, but in terms of value, it is almost on a par with the December level. Anup Roy takes a look at the volumes of digital transactions: