Digital Transactions Cross the 1 Billion Mark in December

Digital Transactions

The total of digital transactions for the first time it has crossed the 1 trillion mark in a single month, having registered 1.06 trillion in December, according to information disclosed by RBI. It had a growth percentage of 6.5% against the number of transactions that were made in November, which were a total of 998 million of these.

The growth of this has been very strong and has increased little by little due to all the forms of payment that are available around Unified Payments (UPI), IMPS, as well as the digital forms of payment such as the cards they have to carry out these digital transactions. UPI's spectacular show has played a vital role in this area, recording almost 40 percent of transactions month by month. UPI registered a total of 145.5 million transactions against the last 104.8 million that were registered in November.

The largest increase in volume was also seen by NPCI which used the method of Immediate Payment Service, or IMPS for its acronym in English, which had a growth of almost 10 percent to reach the total of 98 million against 89.5 million that were made in November.

While transactions made and based on smartphones showed a prominent growth, likewise traditional credit and debit cards had a growth of 8 percent, month over month. Credit and debit card transactions showed a record of 264 million transactions in December.

A closer look at the numbers that UPI revealed have shown great growth in terms of volume in 2017 despite having an extremely low starting point. Digital transactions may one day surpass the traditional type of transactions.


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