Posted 9/28/2023, 1:58:41 AM
E-Banking Transactions Soar to 85% of Total, Driving Shift Towards Digital Payments
- E-banking transactions made up 85% of total payments in FY23, up from 80% in FY22, indicating a shift towards digital payments
- Banks processed 2.07 trillion e-banking transactions worth Rs167.4 trillion in FY23, a 28.6% increase in volume and 21.4% in value
- Internet/mobile banking accounted for 40% of transaction volume but just 24% of transaction value
- Payment cards in circulation grew 24% to 58.1 million and mobile banking users rose 30% to 16.1 million
- E-commerce flourished with a 41% rise in merchant registrations and electronic money institutions opened 2 million e-wallets