Concerted attempts by the Reserve Financial institution to go to a non/considerably less-cash economic climate by pushing digital payments have started to shell out wealthy dividends as the volume of such payments has jumped manifold in the previous five decades, the most up-to-date info from the central lender confirmed.
Amongst 2015-sixteen and 2019-20, digital payment volumes have grown at a compounded once-a-year expansion rate of fifty five.one for every cent – from 5.ninety three billion transactions in the calendar year to March 2016 to 34.35 billion transactions in the calendar year to March 2020.
In value terms, they have grown from Rs 920.38 trillion to Rs one,623.05 trillion throughout this period of time, clipping at an once-a-year compounded rate of fifteen.2 for every cent.
Providing a calendar year-wise info, in 2016-seventeen digital payments jumped to nine.69 billion transactions from 5.ninety three billion transactions in the past calendar year in volume