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Digital payments: Value of transactions on IMPS, PPIs shot up 154% and 71% respectively
May 12, 2017
- IMPS was one of the payment channels that saw a spurt in usage as a result of the government’s surprise move to withdraw high-value currency notes on November 8 and the cash crunch that followed.
- The other big beneficiary of the move was the prepaid payment instrument (PPI), which saw the aggregate value of transactions rise 71% over FY16 to Rs. 83,868 crore.
- The PPI category is comprised of mobile wallets, prepaid cards, and paper vouchers.
- The value of credit and debit card transactions at point-of-sale (PoS) machines rose nearly 69% between FY16 and FY17 to Rs. 6.56 lakh crore.
- Card usage at ATMs dropped 6.6% in value terms to Rs. 23.74 lakh crore, while remaining significantly higher than the figure for PoS usage.
