The above graph represents the monthly distribution of the total NEFT transactions in India in terms of value and volume. In October 2019, the NEFT system registered the highest-ever 242.4 million transactions valued at Rs 18,607.90 billion in India. That represents an impressive 11.9% M-o-M increase in NEFT transaction volume and a 2.7% M-o-M increase in NEFT transaction value.
Volume and Value of NEFT Transactions in India: History
|Source||Reserve Bank of India (RBI)|
|Note||India fiscal year starts from April 01|
Interestingly, the NEFT system processed the highest volume of 242.39 million transactions so far in March 2019. These transactions were valued at Rs 25,470.01 billion, representing the highest-ever amount transacted in a single month through NEFT.
The NEFT (National Electronic Funds Transfer) is an electronic payment system facilitating one-to-one funds transfer.
One must note that the NEFT transactions value surpassed over Rs 10 trillion (Rs 10,226.36 billion) mark for the first time in March 2016. That was an applaudable increase of Rs 7 trillion (Rs 7,278.60 billion) from the previous month. 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.
On the other hand, the NEFT system recorded its first 100-million transactions in volume (106 million to be specific) in March 2015. India took another 3 years to record 200 million NEFT transactions in a month. The total NEFT transactions increased to 212.01 million in March 2018, from 165.59 million in February 2018.
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.