India witnessed a 53 percent increase in payment volume in the past 12 months

India witnessed a 53 percent increase in payment volume in the past 12 months

Despite pandemic-related setbacks in the past two years, India witnessed a massive increase in the volume and value of payment transactions, including real-time gross settlements (LBTRs) and digital payments. , in the past 12 months, processing at least Rs 21.79 crore in transactions daily.

According to P Vasudevan, Managing Director of Payment and Settlement Systems, Reserve Bank of India (RBI), the growth rate of payment transactions has seen an increase of 53% in terms of volume and a 28% increase in terms of value in the past. 12 months.

Vasudevan spoke during his farewell session at the Digital Money Conference, hosted by the Payments Council of India.

The compound annual growth rate (CAGR) for the last five years is 42 percent in terms of volume, so the last 12 months have seen much higher growth compared to the last five years. “Currently, we process payment transactions of Rs 21.79 crore on a daily basis. It is encouraging to remember that in December of last year the RTGS went into operation 24x7x365. To date, many initiatives have been undertaken to capitalize on this, ”he said.

Payment systems like NACH, Bharat Bill Payment were enabled to settle on weekends. “The number of settlements in a week has increased by 200, thus reducing the credit and settlement risks in the ecosystem,” he added.

Meanwhile, UPI recorded more than 3.65 billion transactions in volume, achieving all-time high transactions of Rs 4 billion. From the third quarter (July to September) of 2021, UPI recorded a 103 percent increase in volume and close to 100 percent increase in value compared to the third quarter of 2020.

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At least 54 percent of UPI transactions were P2P (person-to-person), while 46 percent were P2M (person-to-merchant). It should be noted that 30 banks have joined the UPI ecosystem in Q3 2021, bringing the total number of banks providing UPI services to 259 as of September 2021, according to a Worldline India report titled ‘Payments Report India Q3 2021 ‘.

Earlier last week, the Minister of State (MoS) for Electronics and Information Technology (IT), Rajeev Chandrashekhar, told Parliament that digital payments had increased from 3,134 crore in fiscal year 2019 to 4,683 crore as of mid-November 2021.

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