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More than one billion digital transactions recorded in December 2017

January 10, 2018

Digital transactions per month crossed the one billion mark during December 2017. According to Reserve Bank of India’s data, a total of 1.06 billion digital transactions were executed in December 2017, up 6.5 per cent from the 998 million transactions recorded in November 2017.

The growth can be attributed to increased uptake of various forms of payments such as Unified Payments Interface (UPI), Immediate Payment Service (IMPS), cards and online wallets. UPI, in particular, registered a 40 per cent increase in transactions in December 2017 as compared toNovember 2017. IMPS grew by almost 10 per cent to reach 98 million transactions in December 2017 against 89.5 million in November 2017.

Although smartphone based transactions have increased significantly, traditional card transactions grew by 8 per cent over the same period as well clocking 264 million transactions in December 2017 against 244.6 million in the previous month.

 

 
 

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