In the era of digital payment, the use of check for payment has reduced drastically. RBI The latest figures show that Online transaction The share of payments through checks has been reduced to just 3 percent, which was more than 15 percent five years ago. Due to the encouragement of digital payments, the figure of retail payments through checks has come down considerably in the last financial year 2019-20. The share of check clearing in total self payments in the last financial year has come down to just 2.96 percent. However, it was 20.08 percent by value.
Digital transactions increased manifold in five years
After demonetisation in the financial year 2015-16, the central bank started moving digital payments very fast. At that time, the share of checks in retail payments was 15.81 percent by volume and 46.08 percent by value. In 2015-16, the payment through check was 15.81 percent by volume and 46.08 percent by value. In the financial year 2016-17, this figure has come down to 11.18 percent and 36.79 percent respectively. In 2017-18, it came down to 7.49 percent by value and 28.78 percent by volume. At the same time, it further reduced to 4.60 percent and 22.65 percent respectively in 2018-19.
Digital payment growing at 55 percent
According to the Reserve Bank, digital payments grew by 55.1 per cent on an annual basis from 593.61 crores to 3,434.56 crores by volume during the financial year 2015-16 to 2019-20. According to the value, it went from Rs 920.38 lakh crore to Rs 1,623.05 crore. It registered an increase of 15.2 percent on an annual basis.
Digital payments reached 969.12 crore from 593.61 crore in FY 2016-17. According to the value, it reached Rs 1,120.99 lakh crore during this period.
Digital transactions will increase in Corona era
In 2017-18, it reached 1,459.01 crores by volume and 1,369.86 lakh crores by value. Later it grew even faster and in 2018-19 it reached 2,343.40 crores by volume and Rs.1638.52 lakh crores by volume. Further digital payments by volume due to the lockdown enforced due to the Kovid-19 epidemic. The figure can increase by leaps and bounds.
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