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Digital transactions have reached a record high in India

The “Digital India” initiative taken by the government is bearing fruitful results. In January 2018, digital transactions in the country reached a record high of 1.11 Bn. The figures indicate a 4.73% rise from the 1.06 Bn mark touched in December last year.

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The total transaction value surged to $2 Tn (INR 131.95 Tn) in January as per the data released recently by the Reserve Bank of India (RBI). This is the second highest transaction value reported in a single month over the last one year. December 2017 clocked transactions worth around $1.9 Tn (INR 125.51 Tn). The payment modes taken into consideration to arrive at the figure are payments made by credit and debit cards, UPI, prepaid payment instruments (PPIs), Internet banking and unstructured supplementary service data (USSD).

Undergoing a 4% increase from the 145.5 Mn transactions clocked in December 2017, UPI-enabled transactions crossed the 151.7 Mn mark last month. The value of transactions, compared to $2 Bn (INR 131.4 Bn) in the last month of 2017, jumped to $2.4 Bn (INR 155.4 Bn) in January. This included over 9.57 Mn transactions worth upwards of $57 Mn (INR 3.65 Bn) made on the Bharat Interface for Money (BHIM) app.

Prepaid Payment Instruments (PPI) like digital wallets recorded a total transaction volume of 113.6 Mn, up significantly from 99.1 Mn in December 2017. Transactions worth over $604.8 Mn (INR 38.8 Bn) were made through digital wallets in January alone. January 2018 also saw the second highest debit and credit usage at POS terminals in a month since the rollout of demonetisation in November 2016.

It is, therefore, safe to say that the nation is progressing towards digital and plastic money. The time will soon come when you will be able to walk into any store without cash in your pocket and come out buying whatever needed.

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