The above graph represents the total value of the National Electronic Funds Transfer (NEFT) transactions in India by month, starting from April 2004 to October 2019. NEFT recorded 242.4 million transactions worth Rs 18,607.9 billion in the month of October 2019. That’s a 2.7% month-over-month increase in NEFT transaction value.
|Source||Reserve Bank of India (RBI)|
|Note||India fiscal year starts from April 1st|
In the month of June 2019, the total value of NEFT transactions reached the lowest when compared to the previous 10 months, and a notable 17.8% when compared to May 2019.
It was March 2019 when the total value of the NEFT transactions in India reached an all-time high of Rs. 25,470.01 billion (Rs 25.5 trillion) – the highest-ever in a single month. However, the amount has declined drastically in the month of April 2019, stood at just Rs 20,546.69 billion.
One must note that in March 2016, the NEFT transactions value surpassed Rs 10 trillion (Rs 10,226.36 billion) mark for the first time. In just two years, exactly in March 2018, the NEFT transaction value rose a whopping 51.9% month-over-month to Rs 22 trillion (Rs 22,540.77 billion) – the highest in the fiscal year 2017-18.
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.