Digital transactions rise manifold in India post demonetisation: Govt

According to government data, the number of USSD transactions saw a whopping 5,135 per cent jump, from 97 such deals a day on November 8 to 5,078 on December 25.

Published: 30th December 2016 04:55 PM  |   Last Updated: 30th December 2016 04:55 PM   |  A+A-

Image used for representational purpose only | AP

Image used for representational purpose only | AP

By PTI

NEW DELHI: Digital payment channels like mobile wallets, USSD and RuPay have seen massive uptake and rise in transactions in the country after demonetisation drive, sources said. 

According to government data, the number of USSD transactions saw a whopping 5,135 per cent jump, from 97 such deals a day on November 8 to 5,078 on December 25.

The value of transactions on USSD -- mobile short code message used mainly for banking services on feature phones -- during the same period grew 4,061 per cent from Rs 1 crore a day to Rs 46 crore on December 25.

"Growth in USSD transactions, albeit on a small base, shows that #IndiaStandsUnited in embracing digital payments. Growth in UPI transactions is also a testimony to the fact that #IndiaStandsUnited in embracing digital payments," tweets from MyGovIndia said. Prime Minister Narendra Modi is expected to make a big announcement in 'Digidhan Mela' today at an event here, it added.

The government had announced scrapping of old Rs 500 and 1,000 notes on November 8. While this led to liquid cash crunch and serpentine queues at ATMs, the decision also pushed uptake of digital payments in the country.

MyGovIndia said the number of UPI transactions -- which allows users to transfer funds from one bank account to another using a smartphone -- grew 1,342 per cent, from 3,721 such transactions a day on November 8 to 53,648 on December 25.

The value of these transactions during the same time period jumped 647 per cent, from Rs 1.93 crore a day to Rs 14 crore daily.

RuPay (21 lakh on December 25) and mobile wallets (67 lakh) witnessed 446 per cent and 210 per cent rise in the number of daily transactions respectively.

Transactions worth Rs 247 crore were conducted on December 25 using RuPay, while Rs 184 crore worth of transactions were made using seven main mobile wallets, the data said.

"RuPay transactions, through e-commerce and POS, have shown a growth very high growth numbers.The people of India have enthusiastically adopted #DigiDhan. Growth figure in 7 main mobile wallets," the tweets said.

Another tweet by MyGovIndia said there has been a "healthy growth" in Cheque Truncation System (CTS) transactions as well, which already has a significant base.

Cheque-based transactions were up 67 per cent to 51 lakh, with Rs 27,032 crore worth of transactions on December 23, 2016.

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp