Mobile banking catching on fast: Here's the proof
Gone are days where mobile phones were used just to make calls, send messages, and take photographs. An increasing number of us are using our phones for financial transactions. According to the Reserve Bank of India’s (RBI) annual report for 2017-18, mobile banking services witnessed a growth of 92 per cent and 13 per cent in volume and value terms, respectively. The number of registered customers rose by 54 per cent to 251 million at end-March 2018 from 163 million at end-March 2017.
In general, the share of electronic payments in the total volume of retail payments has gone up. The share of electronic transactions in the total volume of retail payments increased to 92.6 per cent in 2017-18, up from 88.9 per cent in the previous year with a corresponding reduction in the share of paper-based clearing instruments from 11.1 per cent in 2016-17 to 7.4 per cent in 2017-18.
Volume and value of the payment and settlement systems grew 44.6 per cent and 11.9 per cent, respectively, in 2017-18.
Growth in electronic payments
According to the apex bank’s annual report, here is the growth witnessed in various electronic modes of payments:
Payments’ infrastructure
The number of Point of Sale (POS) terminals deployed increasing by 24 per cent from 2.53 million in 2016-17 to 3.14 million in 2017-18. However, during the same period, the ATMs deployed witnessed a marginal decline from 2,22,475 to 2,22,247.
In general, the share of electronic payments in the total volume of retail payments has gone up. The share of electronic transactions in the total volume of retail payments increased to 92.6 per cent in 2017-18, up from 88.9 per cent in the previous year with a corresponding reduction in the share of paper-based clearing instruments from 11.1 per cent in 2016-17 to 7.4 per cent in 2017-18.
Volume and value of the payment and settlement systems grew 44.6 per cent and 11.9 per cent, respectively, in 2017-18.
Growth in electronic payments
According to the apex bank’s annual report, here is the growth witnessed in various electronic modes of payments:
Payments’ infrastructure
The number of Point of Sale (POS) terminals deployed increasing by 24 per cent from 2.53 million in 2016-17 to 3.14 million in 2017-18. However, during the same period, the ATMs deployed witnessed a marginal decline from 2,22,475 to 2,22,247.