The above graph represents the monthly distribution of the total number of credit card transactions at ATMs in India. In October 2019, the usage of credit cards at ATMs declined to 0.82 million, from 0.91 million during the year-ago period. Surprisingly, a small 0.4% of the total credit card transactions in India in October month were completed through ATMs.
|Source||Reserve Bank of India (RBI)|
|Note||India fiscal year starts from April 01|
In July 2019, the total number of transactions done by Indians using their credit cards at ATMs stood at 0.87 million (~9 lakh). That represented an impressive 7.4% month-over-month increase in the ATM transaction volume.
Interestingly, the total number of ATM withdrawals through credit cards in India reached a peak of 0.91 million in October 2018, from 0.80 million in September 2018. The ATM withdrawals through credit cards accounted for 0.56% of the total credit card transactions in India in October month last year.
In November 2016, India has witnessed a huge 35.5% month-over-month decline in the number of ATM transactions through credit cards, due to the cash crunch in the country. The credit card swipes at ATMs declined from 0.62 million in October 2016 to 0.40 million in November 2016 and 0.38 million in December 2016.
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.