(Deepshikha Gautam, Intern Journalist) New Delhi: Positive results of digital payment and solution systems have been progressing rapidly. According to the latest data from the Reserve Bank of India, due to the encouragement of digital payments, the figure for retail payments through checks has come down considerably in the last financial year 2019-20. According to the data, in the last financial year, the share of check clearing in the total self-pay by volume decreased to just 2.96 percent.
However, it was 20.08 percent by value. After demonetization in the financial year 2015-16, the central bank started moving digital payments quite fast. At that time, the share of checks was 15.81 percent by volume and 46.08 percent by value in retail payments. 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 the financial year 2016-17, this figure has come down to 11.18 percent and 36.79 percent respectively. According to the Reserve Bank, 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 the Reserve Bank data, digital payments grew by 55.1 percent on an annual basis from 593.61 crores to 3,434.56 crores by volume during the financial year 2015-16 to 2019-20. At the same time, it went up from Rs 920.38 lakh crore to Rs 1,623.05 crore in terms of value. It registered an increase of 15.2 percent on an annual basis.
Digital payments have increased from 593.61 crores to 969.12 crores 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 more sharply and in 2018-19 it reached 2,343.40 crores by volume and 1,638.52 lakh crores by volume.
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