According to RBI checks payout has reduced at 3 per cent in digital transactions in India.
In the age of digital payments method, the usage of check for payment has reduced drastically. The latest RBI data report shows that the share of check payments in digital transactions has come down to just 3 percent, which was more than 15 percent five years ago.
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In the era of digital payment, the utilization of check for payment has reduced drastically. the newest RBI data shows that the share of check payments in online transactions has come right down to just 3 percent, which was quite 15 percent five years ago. thanks to the encouragement of digital payments, the figure of retail payments through checks has come down considerably within the last financial year 2019-20. The share of check clearing in total self payments within the last financial year has come right down to just 2.96 percent. However, it was 20.08 percent by value.
Digital transactions increased many times in five years
After demonetisation within the financial year 2015-16, the financial institution started moving digital payments in no time . At that point , the share of checks in retail payments was 15.81 percent by volume and 46.08 percent by value. In the financial year 2015-16, the payment made through check was 15.81 percent by volume and 46.08 percent by value. Within the financial year 2016-17, this figure has come right down to 11.18 percent and 36.79 percent respectively. In 2017-18, it decreased to 7.49 percent by value and 28.78 percent by volume. At the same time period, it further had reduced to 4.60 percent by value and 22.65 percent by volume respectively in the period of 2018-19.
Digital payment growing at 55 percent
According to the Federal Reserve Bank , digital payments grew by 55.1 per cent on an annual basis from 593.61 crores to three ,434.56 crores by volume during the financial year 2015-16 to 2019-20. according to the worth , it went from Rs 920.38 lakh crore to Rs 1,623.05 crore. It registered a rise of 15.2 percent on an annual basis.
Digital payments had reached 969.12 crore from 593.61 crore in the financial year 2016-17. according to the worth , it reached Rs 1,120.99 lakh crore during this era .
Digital transactions will increase in Corona epidemic era. Within 2017-18, it had reached 1,459.01 crores by volume and 1,369.86 lakh crores by value. Later it grew even faster and in the period of financial year 2018-19 it had reached 2,343.40 crores by volume and Rs.1638.52 lakh crores by volume. Further the digital payments by volume due to the lockdown and the Covid-19 epidemic can increase by leaps and bounds.
(Data for this article is taken from syndicate feed.)
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