Demonetization made Debit/Credit transactions low
Written by : SMTV24x7 | Mon, Jul 17, 2017, 06:10 PM
New Delhi, July 17: After the demonetization period, there is an improvement of 23% in digital transactions while there is only 7% of hike in debit/credit card transactions, which are reported by the Government higher officials to the Parliamentary financial department.
The Govt officials have submitted the reports on 'Demonetization-Transformation towards digital economy' to the various ministries.
According to those reports, In November 2016, the digital transactions are Rs 2.24 Crore, which was incremented to Rs.2.75 Crores up to the May 2017.In those, Unified Payments Interface (UPI) transactions are heavily improved.Those were 10 lakhs per a day in November last year, it reached 3 crores in May 2017.
The Electronic payments through Immediate Payment Service (IMPS) has increased from 12 lakh to 22 lakh during this period. Transactions using plastic cards(Debit/Credit) reached only from Rs.68 lakhs to Rs.73 lakhs during this period.