Retail payment from check comes down to 3 percent due to increase in digital payments: RBI

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Photo:FILE PHOTO Continuous decline in payment from check

new Delhi. Positive results of fast forwarding of digital payment and solution systems are coming out. According to the latest data from the Reserve Bank of India, due to the encouragement of digital payments, the figure of retail payments through checks has come down significantly in the last financial year 2019-20. As per the data, the share of check clearing in the total self-pay by volume in the last financial year has come down to just 2.96 percent. However, it was 20.08 per cent by value.

After demonetisation in the financial year 2015-16, the central bank started moving digital payments very fast. At that time, the share of checks in retail payments was 15.81 percent by volume and 46.08 percent by value. The latest figures are indicative of how successful the digitization efforts have been. In 2015-16, the payment through check was 15.81 percent by volume and 46.08 percent by value. In FY 2016-17, this figure has come down to 11.18 percent and 36.79 percent respectively. According to the Reserve Bank, the next year the figure further reduced to 7.49 percent by value and 28.78 percent by volume. In 2018-19, it further reduced to 4.60 percent and 22.65 percent respectively.

According to Reserve Bank data, digital payments grew by 55.1 per cent year-on-year, from 593.61 crores to 3,434.56 crores by volume during FY 2015-16 to 2019-20. At the same time, according to the value, it went from Rs 920.38 lakh crore to Rs 1,623.05 lakh crore. It registered a growth of 15.2 percent on an annual basis. Digital payments reached 969.12 crore from 593.61 crore in FY 2016-17. In terms of value, it reached Rs 1,120.99 lakh crore during this period. After this, in 2017-18, it reached 1,459.01 crores by volume and 1,369.86 lakh crores by value. Later it grew further and in 2018-19 it reached 2,343.40 crores by volume and 1,638.52 lakh crores by volume. Due to the lockdown implemented due to the Kovid-19 pandemic, digital payment figures may increase manifold by volume. However, due to the difficulties faced by the people due to this major crisis, digital payment figures can come down according to the price.

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