Mobile Transactions Value Reaches Close To Rs 2 Lakh Crore For The First Time In Over A Year

Digital transactions doubled between October 2017 and June 2018 and crossed the 30 crore mark, Financial Express has reported.

The total value of mobile banking transactions in June was Rs 1.9 lakh crore. This is the highest value of digital transaction since May 2017, when transactions worth Rs 2.13 lakh crore were reached.

The Reserve Bank of India bulletin on Payment System Indicators pegs the value of mobile transactions at Rs 1.89 lakh crore for the month of June. It has risen from Rs 1.78 lakh crore in May 2018. Debit card transactions at Point of Sale machines (PoS) have gone down to 28.33 crores in June from 35.21 crores in May this year. However, the value of debit card transactions at PoS machines rose marginally from Rs 46,800 crore in May to Rs 47,900 crores in June.

In November 2017, State Bank of India (SBI) chairman Rajnish Kumar had said that only about 22 per cent of the bank’s transactions now come from branches. Of the remaining 78 per cent, 36 per cent of the transactions were digital and the rest were at automated teller machines .

Experts say that digital transactions are rising because of a larger number of payment options for users. While Paytm and SBI customers are leading digital payment users, Google Tez and Flipkart UPI have also contributed significantly to the growth in digital transactions.