The above graph represents the total number of debit card transactions in India by month, starting from April 2004 to October 2019. About 1,314.28 million transactions were completed through debit cards in India in the month of October 2019 – the highest-ever till date. That showed an 8.7 % month-over-month growth in the volume of debit card transactions in the country. Interestingly, debit cards still account for more than 86.7% of the total card transactions completed in the country.
|Source||Reserve Bank of India (RBI)|
|Note||India’s Fiscal Year: April 01 – March 31|
It is important to note that the total number of Debit card transactions in India surpassed 1,301 million for the first time in the month of December 2018. However, it started declining from the following month itself.
The usage of debit cards spiked in December 2016 due to the demonetisation of Rs 500 and Rs 1000 notes in India. The country has seen an applaudable 31% month-over-month growth in the number of debit card transactions – increased from just 797.82 million in November 2016 to 1,045.93 million in December 2016.
Note: RBI started releasing the data for Credit and Debit cards usage at ATMs from April 2011. Before that, the total number of Credit/Debit card transactions includes only Credit/Debit usages at POS, not usage at ATMs. That’s the reason an astonishing 1874.8% month-over-month growth in the number of debit card transactions (Usages at ATMs and POS) can be seen in the month of April 2011. The total debit card transactions increased from just 21.37 million in March 2011 (only usage at POS) to 422.01 million in April 2011 (Usage at ATMs and POS).
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.