Digital payments take a hit each time customers shop
PUNE: Data collated by the Reserve Bank of India (RBI) shows that usage of cards on point of sale terminals, better known as swipe machines, has reduced progressively since March 2017.
Using cards on swipe machines is the most ubiquitous mode of digital payments among customers. At the same time, it is not as if other modes of transaction have increased but even at an overall level, the data is far less than inspiring.
A look at last year’s data shows that the average transaction per card has progressively declined after it touched a high in March 2017, when almost all digital transactions peaked. The gains could not be sustained even during the festive period of October 2017, when consumer spending is generally high.
To be sure, the government did try to roll out certain incentives to hook people onto the digital mode. For instance, people do get small cash incentives if cards are used at PoS terminals, but the same does not seem to be enough to get more to transact digitally.
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Satyanarayan Iyer
The Times of India
May 21, 2018, 08:01 IST
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