India’s RuPay digital payments rose 135 percent in fiscal 2018

In fiscal year 2018 (March 2017 to March 2018), India’s national payments corporation (NPCI) reported 459 million RuPay transactions at POS terminals, up 135 per cent from the previous fiscal year. Last year, only 195 million transactions were made.

Last year’s figures also reflect this trend. In fiscal 2017, the number of transactions completed by PoS terminals surged by 600%. In fiscal 2016, there were only 254 billion transactions.

In addition, the number of RuPay debit cards in circulation is also increasing. In fiscal year 2018, a total of 494 million debit cards were in circulation, representing an increase of 35% compared with 365 million in fiscal 2017.

India is now the sixth country in the world to have domestic payment gateway system. Other five countries are US, Japan, China, Singapore and Brazil.

In addition, there are, according to data RuPay in eb point on the network platform trading volumes in fiscal year 2018 to 208 million, increased by 137% compared with the 2017 fiscal year, the transaction volume of 166 billion rupees (RMB 15.6 billion), up 180%; In fiscal 2017, only 87.5 million transactions were made, bringing the total to 59.34 billion rupees.

With the gradual realization of digital payments in the rural areas of India, more and more people tend to use RuPay, according to the industry executives responsible for handling bank card payments.

India’s national pay in order to further promote the use of RuPay company, plans to launch a can be used in ATM and PoS machines at the same time the ordinary bank CARDS, it is also a process of digital pay part of India. Consumers can use the card not only to make mobile payments and ATM withdrawals, but also to take the subway.

“We want users to use RuPay directly for transactions, not just for ATM withdrawals,” said Dilip Asbe, NPCI’s chief executive. We have recently entered into cooperation with the Indian retailer Big Bazaar, and we will also cooperate with large retailers to launch rebates and promotions in the future.

“There are now eight Banks involved in this project, and in the next six months, there will be 30 to 40 Banks involved,” said Asbe. In this way, public transport will be digitized and overall digital transactions in India will increase substantially.

The use of Rupay in PoS terminals is significant because it provides consumer information on using Rupay debit CARDS. At the earliest, RuPay debit CARDS were issued by state-owned Banks. Later, the Indian payments company issued RuPay debit CARDS to Jan Dhan’s account holders, and the number of CARDS issued by RuPay increased rapidly.
Not long ago, Paytm and RuPay teamed up to launch exclusive debit CARDS. Today, RuPay is becoming more popular and used more frequently.