Retail payments register 28% jump in June; digital mode sees 23% rise

Topics Digital Payments | RBI

Total payments in the economy grew 24.08% to Rs 117.43 trillion in value terms in June compared to May
Retail payments registered a 28 per cent jump in June to Rs30.9 trillion in value terms, compared to Rs24.2 trillion in May, revealed the data released by the Reserve Bank of India in its monthly bulletin.

This is indicative of the fact that payments picked up as the economy was gradually opened up after a stringent lockdown. In April, retail payments plunged to Rs19.6 trillion, but recovered in May. 

Total digital payments in the economy recovered to Rs113.4 trillion in June, compared to Rs92.03 trillion in May, up 23 per cent. Digital payments include retail credit transfers, debit transfers and direct benefits, card payments, prepaid payment instruments and others. Total payments in the economy grew 24.08 per cent to Rs117.43 trillion in value terms in June, compared to Rs94.64 trillion in May.

Card payments, which include both debit and credit cards, in value terms registered 31 per cent growth in June to Rs1.05 trillion, compared to Rs80,274 crore in May. The number of transactions posted a 15 per cent growth in June over previous month to 433.9 million from 375.2 million.

Cash withdrawals at ATMs using credit, debit and pre-paid cards in June recorded 17 per cent growth to Rs2.3 trillion in June, compared to Rs1.97 trillion, while the number of transactions rose 16 per cent to 473.5 million from 409.4 million. Cash withdrawals at point- of-sale  terminals using debit and prepaid cards remained flat.

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