The above graph represents the monthly distribution of the total number of National Electronic Funds Transfer (NEFT) transactions in India, starting from April 2004 to September 2019. The number of NEFT transactions in India declined to 216.7 million in the month of September 2019, from 221.26 million in August 2019.
|Source||Reserve Bank of India (RBI)|
|Note||India fiscal year starts from April 01|
However, there is an appreciable 19.7% YoY improvement in the NEFT transactions volume from September 2018 when 181 million transactions completed.
There will be a surge in both, NEFT volume and value, in the next one year as RBI recently waived off charges applied on all online payment transfers done through NEFT or RTGS.
It was the first time in March 2015 when the total volume of NEFT transactions in India crossed 100 million mark. In just 3 years, the number of NEFT transactions in India crossed 200 million mark – increased from 106 million in March 2015 to 212.01 million in March 2018.
Interestingly, in March 2019, NEFT processed the highest ever monthly volume of 242.39 million transactions in India. That’s a significant 14.3% YoY increased when about 212 million transactions were processed in the country.
Digital Transactions in India: Additional Information
The internet revolution has resulted in exploded adoption of digital methods of transactions worldwide. The users of Credit & Debit cards, mobile and internet nowadays are far more aware and digitally empowered with making financial transactions. In the last few years, however, digital transactions have branched out into multiple types of financial transactions.
Started with the use of Credit and Debit cards at POS in large retail stores, digital transactions industry has come a long way. The introduction of mobile wallets and UPI have transformed the whole digital transaction industry in India. RTGS (Real Time Gross Settlement), NEFT (National Electronic Fund Transfer), CTS (Cheque Truncation System), IMPS (Immediate Payment Service), NACH (National Automated Clearing House), UPI (Unified Payments Interface) and PPI (Prepaid Payment Instruments) are the main type of financial transactions that fall under the Digital transaction category.
Digital transactions save time and money, resulting in a better bottom line. Customer experiences are also enhanced (think of the convenience of eSigning versus having to print a contract, sign it, and then return it by mail or fax). And digital transactions improve tracking capabilities, which helps reduce errors.
The exploded adoption of smartphones, mobile apps and mobile internet has helped Digital transaction industry to grow at an unprecedented rate. With more than 500 million smartphone users, India is one of the largest countries by the number of digital transactions that are recorded every month.
The above graph is a part of Dazeinfo GraphFarm – the most trusted source of hundreds of thousands of market graphs. Our team of researchers mines millions of data points every month to bring the most updated and validated set of data points representing the comprehensive view in a graphical format. From mobile to e-commerce, from Retail to healthcare, from startups to SMEs we have carefully designed thousands of graphs for those who value and understand the importance of data visualisation.