scorecardresearch
Thursday, Feb 09, 2023
Advertisement
Premium

In 10 yrs, 43% yearly growth seen in digital payments

From 498 crore transactions with a value of Rs 96 lakh crore handled during FY 2010-11, digital payments have grown to 1623 crore transactions with a value of Rs 3,435 lakh crore in FY20.

Digital payments have registered a rapid growth and registered a 43 per cent compounded annual growth rate (CAGR) in the last ten years, according to the Reserve Bank of India (RBI).

From 498 crore transactions with a value of Rs 96 lakh crore handled during FY 2010-11, digital payments have grown to 1623 crore transactions with a value of Rs 3,435 lakh crore in FY20. This represents a CAGR of 12.54 per cent and 43.01 per cent in terms of volume and value, respectively, the RBI said. “The acceptance and growth of digital payments has been exponential over the years..

According to the RBI, within the digital payments, retail electronic payments comprising credit transfers — NEFT, fast payments (IMPS and UPI) — and direct debits (ECS, NACH) have shown a rapid growth over the past ten years at a CAGR of 55 per cent and 43 per cent in terms of volume and value, respectively.

Subscriber Only Stories
Reading RBI’s policy review
Most IIT-Bombay graduates opting for jobs not linked to their field: Study
Delhi Confidential: Rajeev Chandrasekhar’s connect with Nagaland
State probes Rs 1k-crore chit fund scam, Bhupesh Baghel says victims refu...

First published on: 29-01-2021 at 03:11 IST
Next Story

4 arrested for cyber fraud, police find data of 27,000 people on their computers

Latest Comment
Post Comment
Read Comments
Advertisement
Advertisement
Advertisement
Advertisement
close