The above graph represents the monthly distribution of the volume and value of debit card transactions in India. The usage of debit cards in terms of volume increased to 1,314.28 million in the month of October 2019, from 1,208.96 million in the previous month. The total amount transacted through debit cards also increased to Rs 3,855.82 billion in October month, from Rs 3,295.05 billion in the previous month. The country recorded 8.7% and 17% month-over-month growth in the volume and value of debit card transactions, respectively.
Volume and Value of Debit Card Transactions in India: History
|Source||Reserve Bank of India (RBI)|
|Note||India fiscal year starts from April 01|
The usage of debit cards in India spiked in December 2018 when about 1,301 million transactions were completed. Interestingly, a whopping Rs 3,669.23 billion worth of transactions were carried out through debit cards during the same period.
December 2016 was the first time when the total number of debit card transactions in India crossed 1000 million mark. The growth in volume was mainly due to the demonetisation of Rs 500 and Rs 1000 notes in India. About 1,045.93 million transactions were carried out through debit cards, worth Rs 1,429.65 billion in the country.
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). While 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). That represented an astonishing 3172.9% month-over-month growth.
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.