Digital payments in India fell 46 per cent in March amid a lockdown

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Bangalore Ta. 16 May 2020, Saturday

Digital payments in India declined by 3% in March this year amid a slowdown and lockdown. The number of digital payments in March this year was Rs 19.50 trillion as compared to Rs 3 trillion in March last year. Amid the lockdown, declining business activity in India has had an impact on digital payments, Reserve Bank sources said.

The country had imposed a lockdown since March 9, which led to a significant drop in payments in the last week of March.

In terms of volume, the number of RTGS fell by 12 per cent to 1.12 crore. In March, ATM withdrawals also declined by 12 per cent year-on-year to Rs 2.91 lakh crore. In terms of volume, the number of ATM transactions fell by 9 per cent to Rs 2.31 crore from Rs 4 crore in March last year.

In March 2016, Rs 4 per person was withdrawn through ATMs, which was Rs 4 in March this year. The number of card swipes was also reduced from 12 crore to 2.50 crore.

Debit card usage at point-of-sale machines fell by 3% to Rs 4 crore in March compared to February. Similarly, credit card usage has declined by 20 per cent, according to RBI data.

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