The above graph represents the number of Debit card transactions in India by quarter, starting from fiscal Q1 2005 to Q1 2020. Debit cards accounted for a whopping 87.8% of the total number of card transactions in India completed during the first quarter of 2020. Total 3,632.42 million number of debit card transactions were recorded in India in FY Q1 2020, with 2.3% QoQ decline.
|Source||Reserve Bank of India (RBI)|
|Last Updated||17 August 2019|
|Note||India’s Fiscal Year – April 01 – March 31|
The graph shows the total number of debit card transactions that include the usage of debit cards at ATMs and POS.
In fiscal Q3 2019 (Oct-Dec 2018), the total number of debit card transactions reached an all-time high of 3,779.2 million in the country. That’s an impressive 8.8% QoQ and 22.8% YoY growth in the transaction volume. Over 1,300 million transactions were recorded in December 2018 alone. However, since then it’s been declining and reached the lowest in June 2019.
It is important to note that in December 2016 and January 2017, the usage of debit cards increased sharply due to demonetisation of Rs 500 and Rs 1000 notes in India. Resulting, the increase in the volume of debit card transactions during Q3 and Q4 2017.
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.
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.