Digital Transaction in India Grows 55% in 5 years to FY20
Concerted efforts by the Indian Reserve Bank to move to a non/less-cash economy by pushing digital payments have begun to pay rich dividends as the volume of such payments has jumped manifold in the past five years, the latest data from the Indian central bank showed.
Between 2015-16 and 2019-20, digital payments have grown at a compounded annual growth rate of 55.1 percent from 593.61 crores in the year to March 2016 to 3,434.56 crore in the year to March 2020. In absolute terms, value has grown from Rs 920.38 lakh crore to Rs 1,623.05 lakh crore during this period, clipping at an annual compounded rate of 15.2 percent.
Giving year-wise data, in 2016-17 digital payments jumped to 969.12 crores from 593.61 crores in the previous year in volume terms, while in value the same rose t...