Transactions Through Cards Rise 7% Post Demonetisation

Posted By:
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Transactions through debit and credit cards rose by merely seven per cent post-demonetisation, as against a surge of over 23 per cent in overall digital transactions, top government officials told a parliamentary panel.

    Officials from various ministries gave a presentation to the Parliamentary Standing Committee on Finance on 'Demonetisation and Transformation towards Digital Economy.' The digital transactions in all modes increased by 23 per cent to 27.5 million in May 2017 from 22.4 million in November 2016, according to the presentation, a copy of which is with news agency Press Trust of India.

    The highest jump was witnessed in transactions through UPI, from one million per day in November 2016 to 30 million in May 2017. 7 Credit Cards With Best Rewards And Cash backs In India

    Transactions Through Cards Rise 7% Post Demonetisation

    UPI or Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application for seamless fund routing and merchant payments into one hood.

    Transactions through IMPS or Immediate Payment Service, which is an electronic fund transfer service, almost doubled to 2.2 million from 1.2 million during the period under purview, according to the data shared by government officials.

    The least rise in digital transactions was witnessed in the case of plastic cards, as the rise was only seven per cent - from 6.8 million in November 2016 to 7.3 million in May this year. How To Use Your Credit Card Wisely? Tips For The First Time Users

    The government had on November 8, 2016, announced the demonetisation of Rs. 500 and Rs. 1,000 bank notes in a bid to curtail black money. Following the move, the government pushed for digital transactions.

    Read more about: demonetization transaction cards
    Story first published: Monday, July 17, 2017, 15:04 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more