Tuesday, 7 November 2017

1 year full of notebooks, how much cashless the country is, statistics interesting

There is also talk of how much cashless India has been in India for one year of note-maker. The government's attempts are to reduce the transaction fee on the card. The government has also advocated this in its reaction to the Reserve Bank. For this, the government is taking additional special measures in the coming days.

It is also interesting to see how the country is cashless after the completion of the year of the note-maker. If the figures from October to August are seen last year, the purchase of shops and credit cards with credit and debit cards has reached between Rs 51,000 crore and Rs 71,000 crore. The mobile wallet has almost doubled transactions, but there is no need to be more enthusiastic about this figure.
The government has been consistently claiming that after the ban, the country is fast approaching towards becoming cashless. But the Reserve Bank statistics show that the number of notes in the currency has increased. On October 14 last year, the total market value of the total amount of 1 crore 23 lakh 93 thousand 150 crore rupees was in the currency. This year, on October 13 this year, the amount was Rs.11,318,171 crore. It is estimated that 95% of the market transactions are still in cash. Last year, the amount of cash transactions was 96 to 97 percent. People in the compulsion adopted the digital media in the opening months of the notebook. In this, there was considerable increase in transaction cost through all types of digital media. This decreased in the following months. However, it is a matter of satisfaction for the government that this is a bit more than last year's.
There are dozens of digital media in the market. But media such as card, mobile wallet, bhim or UPI are used exclusively. Talking only to the card, credit and debit card by Point of Sales (POC Machine) was paid in October last year, in the first tranche of Rs 51 thousand 803 crore. In December-December, it reached 89 thousand rupees 180 crore, but later it declined and its level in August dropped to 71 thousand 712 crore rupees.
Incorporating media like Bhim, UPI and USSD, the total transaction in December was just Rs 101 crore. It has reached Rs 4156 crore in August. However, in case of mobile wallet, the status card is the same. In October last year, about Rs 3385 crore had been transacted and by January 8,385 crores had been reimbursed. In August, the figure was Rs 7,762 crores.
According to National Payments Corporation of India, the largest organization of digital payments tracking, the country is rapidly adopting digital transaction after the notification. By the year of 2017-18, digital transaction has reached thousand crores of rupees. Total digital transaction in 2016-17 was Rs. 1,000 crores. It is estimated that by the end of the current financial year, digital transaction is likely to increase to 1800 crores. The use of cards is also increasing among people. In the last one year, the transaction by card has increased by 60% and the number of point of sale machines has increased by 78%.