Bank to Bank Digital Transaction Up

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  • Bank to Bank Digital Transactions and Point of Sales (POS) Transactions through Debit Cards has increased considerably.
  • In its report, RBI has stated that month to month basis the transactions have increased 69 Million to 75.6 million from July to August 2017.
  • Unified Payment Interface (UPI), Bharat Interface for Money (BHIM) which collectively make Immediate Payment Service (IMPS) was 65.8 million in June 2017.
  • General Card swiping which include ATM Service and POS transactions were 1.1 million as against 1.07 million in July 2017, most of the payments were through debit cards.
  • This has been observed as festivals like Ganesh Chaturthi and Raksha Bandhan were in August, so there has been increase in the Digital Transactions.
  • POS terminals have also shown a considerable growth from 1.5 million to 2.9 million in August, 2017 since demonetization.
  • Transaction Payment Method has been seen as one of the benefits of demonetization showing increase month by month.

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