- Jul 12, 2014
looks like the numbers in this article is being under reported.Ya'll Nibbiars Retail Digital Payments saw growth. And In the past year, retail digital payments have seen huge growth as more people gravitated towards digital modes of transaction owing to fear of contracting the virus and convenience. Data from the Reserve Bank of India (RBI) suggests, a slowdown in wholesale transaction value, but volume growth withstood the pandemic. Transactions through National Electronic Funds Transfer NEFT, National Electronic Toll Collection NETC, and the Bharat Bill Payment System BBPS registered acceleration over the previous year. Other retail payment platforms such as Unified Payments Interface UPI, Immediate Payment Service IMPS, and National Automated Clearing House NACH saw a near doubling of both transaction volume from 12.5 billion to 22.3 billion, and value from Rs 21.3 trillion to Rs 41 trillion between FY2020 and 2021.
View attachment 102745
UPI alone is 41 lakh crore, combined with IMPS NACH value goes to 82.7 lakh crore.