Despite the pandemic-related setbacks over the previous two years, India has seen an enormous enhance within the quantity and worth of fee transactions, together with Real Time Gross Settlements (RTGS) and digital funds, within the final 12 months, processing at the least 21.79 crore transactions. has gone. Everyday
According to P Vasudevan, Chief General Manager, Payment and Settlement Systems, Reserve Bank of India (RBI), the expansion fee of fee transactions has seen a progress of 53 per cent in quantity phrases and 28 per cent in worth phrases. 12 months.
Vasudevan was talking throughout his concluding session on the Digital Money Conference organized by the Payments Council of India.
The Compound Annual Growth Rate (CAGR) for the final 5 years is 42 per cent in quantity phrases, so the final 12 months have seen a lot greater progress than the final 5 years. “Today, we process 21.79 crore payment transactions on a daily basis. It is heartening to recall that RTGS was made operational 24x7x365 in December last year. Till now, several initiatives have been taken to capitalize on it,” he mentioned.
Payment programs like NACH, Bharat Bill Pay had been enabled to be settled on weekends. “The number of settlements has increased by 200 in a week, thereby reducing the credit and settlement risk in the ecosystem,” he mentioned.
Meanwhile, UPI did over 3.65 billion transactions, reaching an all-time excessive of Rs 4 billion. From Q3 (July to September) 2021, UPI registered a 103 per cent enhance in quantity and virtually 100 per cent enhance in worth as in comparison with Q3 2020.
At least 54 % of UPI transactions had been P2P (person-to-person) whereas 46 % had been P2M (person-to-merchant). It is to be famous that 30 banks have joined the UPI ecosystem in Q3 2021, taking the whole variety of banks offering UPI providers to 259 by September 2021, titled ‘India Digital Payments Report Q3 2021’ by Worldline India said in a report.
Earlier, final week, Minister of State (IT) for Electronics and Information Technology, Rajiv Chandrasekhar had advised Parliament that digital funds had elevated from 3134 crore in FY19 to 4683 crore by mid-November 2021.
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With inputs from TheIndianEXPRESS
