Retail digital payments saw strong growth in FY21 over a year earlier

Information from RBI counsel there was a slowdown in wholesale transaction worth, however quantity progress withstood the pandemic

Coronavirus | Reserve Financial institution | RBI

Subrata Panda  | 

Final Up to date at April 28, 2021 23:27 IST

The pandemic has accelerated the adoption of digital funds in India, particularly retail digital funds. Prior to now yr, retail digital funds have seen enormous progress as extra folks gravitated in the direction of digital modes of transaction owing to concern of contracting the virus and comfort. Information from the Reserve Financial institution of India (RBI) suggests, a slowdown in wholesale transaction worth, however quantity progress withstood the pandemic. Transactions by means of Nationwide Digital Funds Switch (NEFT), Nationwide Digital Toll Assortment (NETC), and the Bharat Invoice Cost System (BBPS) registered acceleration over the earlier yr. Different retail cost platforms reminiscent of Unified Funds Interface (UPI), Instant Cost Service (IMPS), and Nationwide Automated Clearing Home (NACH) noticed a close to doubling of each transaction quantity from 12.5 billion to 22.three billion, and worth from Rs 21.three trillion to Rs 41 trillion between FY2020 and 2021.

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First Printed: Wed, April 28 2021. 23:17 IST

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