Card payment eased by 28% to Rs 28 lakh crore

-


- In 2023, cash withdrawals from ATMs will increase by only 4.6 percent to Rs. Estimated to be 34.4 lakh crore

Ahmedabad: Card payments in India will increase by 28.6 percent year-on-year to reach Rs. 27.9 lakh crore is expected to reach. Global Data, a London-based data and analytics company, said in its report that the value of card payments in India recorded a robust growth of 26.2 percent during 2022.

Card payments have increased due to economic growth, increasing consumer preference for electronic payments and government efforts to promote cashless payments.

Karthik Challa, senior banking and payments analyst at GlobalData, said, 'India has traditionally been a cash-based economy. However the use of cash for any payment is now declining over time. Government initiatives such as reducing merchant service charges and providing subsidies to merchants for setting up point-of-sale terminals are key factors behind the expansion of the card payment market in the country.'

According to reports, the past few years have seen a strong growth in the use of cards for point of sales payments. This includes POS terminals both in stores and online. Also, the amount of cash withdrawals from ATMs by Indians is gradually decreasing.

Challa said, in 2023, cash withdrawals from ATMs will increase by only 4.6 percent to Rs. It is estimated to reach 34.4 lakh crores (416.2 billion dollars). Apart from this, the corona epidemic has also emphasized on contactless payment method, due to which the currency of card payment has increased.

Comments

Post a Comment

Popular posts from this blog

Due to the ban, employment and economic activity declined by two to three percent

-
Image
New delhi date. October 7, 2019, Monday A new study has found that employment and economic activity have declined by two to three percent due to the ban. A similar situation has been observed in bank lending. The study found the decline to occur within two months of the notation announced on November 7. This is the first research on demineralization in which data on the effects of districts across India were collected. In addition to the districts, the effect of national level was also studied. Previous studies only examined the national level effect of demonitization. Thus, a full estimate of the overall effect is not known. As a result of the shortage of cash arising out of the blockade, the country's economic activity fell by approximately 8 percent in November-December 2 In the October-December period, bank credit has seen an impact of around two per cent. Cash pulls have impacted demand for a short period. The study found that there was a strong link between money and pro...
Read more

Information about soymilk and casein products

-
Image
- Industrial guidance - Dhiru Parekh Soymilk: Soybeans are converted to high-quality protein. So that high quality drinks can be made which can be easily digested. There is no difference between soymilk and cow's milk. So the conservative industries of milk processing are now using this milk to make yogurt and ice cream. Consumers also cannot tell the difference between ice cream made from cow's milk and from soy milk. Also, the production capacity of soy milk can be increased than that of cow's milk. And the price can be cheaper. Soybeans mainly contain two types of enzymes that are inactivated in the soymilk process. Leukoxidase that catalyzes the oxidation of fatty acids. And enzymes like pepsin, trypepsin are included in it. Which helps in digesting protein. Soyamilk powder manufacturing process: This is an electric pre-heater system. which basically allows fluid to flow easily in a stationless tube under low-voltages. which absorbs the energy flowing through the Ja...
Read more

The brokerage firm objected to SEBI's new proposal regarding Algo Trading

-
Image
MUMBAI: Brokerage firms and fintech companies have objected to market regulator SEBI's discussion paper considering all stock trading orders issued through Application Programming Interface (API) as separate trading, saying it could adversely affect the growth of such trading from India. Algo trading is considered to be an automatic buying-selling system based on algorithms. SEBI has recently said in a discussion paper that it would create a framework for regulating Algo trading by retail investors. A senior official of a brokerage firm said that monitoring of Algo trading is a need of the hour, but such an attempt could hamper the growth of Sebi Algo trading. He added that if the suggestions made in the SEBI discussion paper were implemented, it would be difficult for brokers to make the API available. About 70% of the daily trading volume in Indian stock markets is transacted through advanced forms of algo trading. Algo Trading came to India in the year 2006, but then only se...
Read more