Here's how Debit card payments, ATM withdrawals have grown
Even as ATM withdrawals grew at 15 per cent, number of Point of Sales (PoS) terminals jumped over 27 percent in March 2019 compared to the same period last year, according to data released by RBI.
Direct digital payments through debit cards to merchants has gone up in India. Even as ATM withdrawals grew at 15 per cent, number of Point of Sales (PoS) terminals jumped over 27 percent in March 2019 compared to the same period last year, according to data released by RBI. Debit card payments for merchant transactions have gone up over 250 between March 2019 and 2016 at a lower base.
The report shows ATM withdrawals remained constant over the period at around 800 million per month. The debit card payments got a boost after the government withdrew 85 per cent of the old currency notes from the system in 2016, it said. In March, debit card swipes stood at 407 million, which is about half of ATM withdrawals at 891 million.
Credit card PoS transactions too witnessed a 22 per cent growth compared to last year. As data suggest, there were 162 million PoS transactions in March 2019 against 127 million in the same period of last year. The trends in digital payments suggest that people are increasingly relying on digital modes and ATM withdrawals have remained stagnant at 890 million in March 2019 compared to 869 million in October last year.
UPI grew 62 per cent to 781 million in March 2019 compared to 482 million in October. Digital payment has been an issue that the present dispensation has given priority to. In this regard, the government has pitched for opening bank accounts for all.