Money & Banking

Digital payments zoom 31 per cent to touch ₹4,116 crore in FY20

Surabhi Mumbai | Updated on April 09, 2020 Published on April 09, 2020

BHIM UPI is most popular means, followed by prepaid instruments

In what can be seen as a significant impact of the government’s agenda to encourage digital payments, total transactions through these channels touched ₹4,116.74 crore in FY20, according to the Centre’s Digidhan Dashboard.

This is an over 31 per cent jump from FY19, when total digital payments transactions were valued at ₹3,134 crore. It also exceeds the ₹4,000-crore target set by the government for digital payments last fiscal.

According to Digidhan, the total value of digital payment transactions from April 1, 2019 to April 8, 2020 was ₹4,152 crore.

The data also revealed that in FY20, BHIM UPI, with a 30.19 per cent share in digital transactions, was by far the most popular, processing ₹1,242.98 crore of payments.

Prepaid instruments as a category processed 12.7 per cent of all transactions, amounting to ₹522.78 crore. Debit cards came in third with a 12.1 per cent share, with a transaction value of ₹497.93 crore.

Digidhan tracks 16 modes of digital payments including BHIM UPI, debit and credit cards, prepaid instruments, IMPS, mobile and internet banking.

Exceeding target

Meanwhile, 27 banks had exceeded the government’s target for digital payments for FY20 by the end of February and 14 had been given good ratings for performance in the monthly dashboard. The Centre sets separate sub-targets for each bank and tracks their performance on a monthly basis.

Private sector lenders ICICI Bank, HDFC Bank and Fino Payments Bank topped the monthly rankings by February-end on digital transactions, per the Ministry of Electronics and Information Technology. While ICICI Bank and HDFC Bank scored 79 each, Fino scored 76.

Only three public sector banks — Oriental Bank of Commerce (73), State Bank of India (72) and Bank of Maharashtra (71) — were part of the top 10 banks in the monthly scorecard till February 29, 2020.

The other lenders in the top 10 included private sector lenders Axis Bank (72), YES Bank (70), IndusInd Bank (69) and IDFC First Bank (68).

Surprisingly, Paytm Payments Bank slipped to the 16th spot by February-end with a ranking of 64 and an average performance.

Published on April 09, 2020

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