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The above graph represents the total value of debit card transactions in India by month. In October 2019, the total amount transacted through debit cards in India stood at Rs 3,855.82 billion. That’s an impressive 17% month-over-month and 10.9% year-over-year increase in the value of debit card transactions. The total volume of transactions carried out through debit cards also reached a new peak of 1,314.28 million in October month.
|Reserve Bank of India (RBI)
|India fiscal year starts from April 01
In December 2018, the debit card transaction volume increased an impressive 7% M-o-M to 1,301 million. While the debit card transaction value increased a notable 10.6% M-o-M to Rs 3,669.23 billion during the same month. However, both the volume and value of transactions started declining from the following month itself.
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 3172.9% month-over-month growth in the amount transacted through debit cards (Usages at ATMs and POS) can be seen in the month of April 2011. The total value of debit card transactions in India increased from just Rs 33.57 billion in March 2011 (only usage at POS) to Rs 1,098.71 billion 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.