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Digital payments volume didn't show any major pick up in November: RBI data

While industry sources quoted huge jump in digital payment transactions in November post demonetisation, data from the RBI shows a different picture.

, ET Bureau|
Jan 10, 2017, 08.09 PM IST
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The volume of transaction on mobile wallet in November rose to 13.8 crore against almost 10 crore in October, but the net value of money transferred stayed flat at Rs 3300 crore against Rs 3380 crore in the previous month.
MUMBAI: While for the major part of November, digital payments was the talk of town but according to data from the Reserve Bank of India for the month of November the total amount of money transacted through digital channels did not see a huge jump, even registered drop in many cases.

"The volume of transaction on mobile wallet for the month of November increased to 13.8 crore against almost 10 crore in October, but the net value of money transferred stayed flat at Rs 3300 crore against Rs 3380 crore for the previous month," said RBI in a release. Mobile wallets include the likes of Paytm, Mobikwik and Freecharge among other payment companies.

Similarly on prepaid cards transaction volume increased 13 per cent to 3 crore against 2.7 crore for the previous month, but the value of transactions slumped to Rs 1440 crore against Rs 2430 crore in the same period. Prepaid cards would include the likes of gift cards etc.

While industry sources quoted huge jump in volume as well as value figures for the month of November as well as December post Narendra Modi's demonetisation drive, data from the regulator shows otherwise.

Further even IMPS (Immediate Payment Service) transactions, a National Payments Corporation of India flagship product, have fallen 14 per cent to 3.6 crore from 4.2 crore a month ago. The value of transactions fell to Rs 32,480 crore against Rs 34,350 crore in the previous month.

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