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Share of e-Money in India’s Payment Systems Grew to 21.5%, Says RBI

Based on the mix of the countries benchmarked, India is in the lower rung and ranks higher than only Germany and Indonesia, said the report

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Reserve Bank of India. VOA

Getting a leg-up from from the demonetisation of Rs 500 and Rs 1,000 notes in November 2016, the share of e-Money in India’s payment systems grew to 21.5 per cent in 2017 from 0.8 per cent in 2012, according to a new report from the Reserve Bank of India (RBI).

With 345.9 crore e-Money transactions, India was behind only Japan and US in 2017 with respect to volume of e-Money transactions, said the report titled ‘Benchmarking India’s Payment Systems”.

The report, which termed demonetisation “a game-changer for e-Money”, provides a comparative position of the payment system ecosystem in India relative to comparable payment systems and usage trends in other major countries.

While medium to large-value transactions continue to be made through digital banking channels and cheques, the low-value day-to-day transactions shifted to e-Money, it noted.

The study found that when it comes to using e-Money for online transactions, India is far ahead of other developed countries.

“Although behind China, India has a decent 26 per cent of online transactions using e-Money,” said the report.

Picture of Indian currency. Flickr

In terms of the number of ATMs deployed, India is next only to China.During 2012-2017, ATM deployment grew at a compound annual growth rate of 14 per cent.

“While this is good from customer service perspective, it depicts a high demand for cash,” said the report.

However, at the end of 2017, India had 2,22,300 ATMs which dropped to 2,21,703 as on March 31, 2019.

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Debit and credit card payments made up 29.9 per cent of India’s payment systems volume in the year 2017.

Based on the mix of the countries benchmarked, India is in the lower rung and ranks higher than only Germany and Indonesia, said the report. (IANS)

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LinkedIn ‘Open For Business’ Feature In India

LinkedIn introduces its 'Open For Business' feature in India

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LinkedIn
LinkedIn introduces a feature that supports small and medium businesses (SMBs) and freelancers across the world. Pixabay

Microsoft-owned professional networking platform LinkedIn on Monday launched “Open for Business” in India — a feature that allows freelancers and small business owners to add their services to their LinkedIn profiles.

Initially rolled out in the US in July, the feature is now live in India and rest of the world and is a way for freelancers and small businesses to indicate they are “open for business”.

Acording to the company, this feature underlines its commitment to supporting small and medium businesses (SMBs) and freelancers across the world.

“With 660 million members and 30 million companies on the platform across the world, LinkedIn is uniquely positioned to help freelancers and small businesses be more productive and successful, whether they are based in Dubai or Dundee (Scotland),” Allen Blue, Co-founder and VP of Product Management, LinkedIn, said in a statement.

LinkedIn
LinkedIn is uniquely positioned to help freelancers and small businesses be more productive and successful. Pixabay

Based on the company’s research, small businesses are found to rely heavily on word of mouth, in order to bring in new customers.

“Open for Business” aims to digitise this word of mouth concept by making it easy for members to find, message, and provide references to each other.

With over 60 million users, India is LinkedIn’s fastest-growing and largest market outside the US.

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The company last month rolled out a ‘Made in India’ feature called ‘Events’ that allows members to create and attend events directly on both the app as well the web globally.

The USP of the product is the ability to enable safe online conversations and offline events. (IANS)