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Digital payments for August 2017 increased, says transaction data released by the Reserve Bank of India
Wednesday, October 11, 2017 - 2:57:09 PM - By News Bureau
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Digital payments for August 2017 increased, says transaction data released by the Reserve Bank of India
MUMBAI : According to transaction data released by the Reserve Bank of India, bank-to-bank transfers and debit card payments at point of sales terminals significantly drove digital payments for August 2017, showing a 9.5% and 3.5% month-on-month growth, respectively.

IMPS (immediate payment service) — which includes UPI (unified payments interface) and BHIM (Bharat interface for money) — posted a huge rise to reach 75.6 million transactions in August against 69 million in July and 65.8 million in June, according to transaction data released by the Reserve Bank of India.

Transaction data released by the Reserve Bank of India also showed bank-to-bank transfers posting a healthy growth, while general card swipes at ATMs and PoS terminals together reached almost 1.1billion in August against 1.07 billion in July. A major chunk of these payments were from debit card swipes at PoS terminals, according to the RBI's transaction data.

Digital payments are directly linked to the consumption patterns of customers and there is a seasonality involved in the transaction numbers. Transactions in August showed greater transaction numbers mainly because of Ganesh Chaturthi, Raksha Bandhan and special discounts run by merchants for Independence Day.

In line with the same, volumes are expected to go up further, because of the festive months of September and October.
Digital payments
August 2017
increased
transaction data
Reserve Bank of India