Dig­i­tal Trans­ac­tions in July Touch 859 Mil­lion

The Economic Times - - Disruption: Startups & Tech - Pratik.Bhakta@ times­group.com

Mum­bai: Dig­i­tal trans­ac­tions in July grew al­most 2% from the pre­vi­ous month to touch 859.2 mil­lion, ac­cord­ing to pro­vi­sional data re­leased by the Re­serve Bank of In­dia.

While dig­i­tal pay­ments have wit­nessed a growth tra­jec­tory over the last few months, wal­let trans­ac­tions and card pay­ments have come off the highs on in­creased cash cir­cu­la­tion. July has been a pos­i­tive growth story in that con­text, with all modes of trans­ac­tion pick­ing up on a mon­thon-month ba­sis.

Wal­lets or pre­paid pay­ment in­stru­ments grew al­most 5% to clock 88.7 mil­lion trans­ac­tions com­pared with 84.7 mil­lion in June. It was the high­est in May at 91.3 mil­lion trans­ac­tions.

The cen­tral bank has been re­leas­ing monthly fig­ures for dig­i­tal transac- tions fol­low­ing the gov­ern­ment’s move to dere­cog­nise high-de­nom­i­na­tion cur­rency notes last year. Th­ese monthly fig­ures help in track­ing the ma­jor modes of dig­i­tal pay­ments across cards, wal­lets, uni­fied pay­ments in­ter­face (UPI) and im­me­di­ate pay­ment sys­tem (IMPS). Th­ese num­bers are pro­vi­sional fig­ures sourced from Na­tional Pay­ments Cor­po­ra­tion of In­dia and in­clude the top four banks and top eight wal­let play­ers, as per def­i­ni­tion of the cen­tral bank.

“The in­dus­try is wait­ing for the next tip­ping point to give the next round of push for dig­i­tal pay­ments,” said Vivek Bal­gavi, fin­tech leader at con­sul­tancy firm PwC. “With play­ers like What­sApp plan­ning to en­ter the pay­ments space, pay­ment banks ramp­ing up op­er­a­tions and also the gov­ern­ment com­ing out with its push, there is ex­pected to be an­other round of growth for dig­i­tal pay­ments.”

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