Significant growth seen in retail payments

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MUMBAI: Retail payments in the first three weeks of June this year have seen a significant increase over the same period in May, according to Reserve Bank of India data. This indicates an increase in retail demand in June with the unlock.

As Corona's second wave cools, retail purchases are on the rise as regulatory measures by various states ease. In addition to the use of debit and credit cards for purchase payments, the use of net banking is on the rise.

The value and volume of retail payments made through various mediums increased in the first three weeks of June. April and May saw a decline in transaction volume. Retail payments also saw a decline as mobility stalled due to lockdowns imposed by the states.

Payments through the Unified Payment Interface rose 11 per cent in value to Rs 2.7 lakh crore, while volume grew by 12 per cent to 1.7 billion transactions.

Credit card usage grew by more than 15 per cent to 38 million transactions, while debit card swipe volume rose by 19.20 per cent to 19.50 crore in the same period in the first 21 days of May. The amount of money withdrawn through ATMs has also increased in the current month.

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