India sees more cashless transactions through internet, ATM as consumers favor virtual payment
Tuesday, May 26, 2015
MUMBAI: Paperless transactions through the internet, ATM, cards and mobile devices have surpassed paper-based ones in the year leading to March 15, reiterating the fact that Indians are moving towards virtual payment.
With the younger generation taking a liking to online or hi-tech methods of fund transfer, rather than filling up reams of paper, the bank cheque may also soon go out of fashion.
While paper-based transactions cleared through cheques amounted to Rs 85 lakh crore in FY15, paperless transactions, including retail electronic transactions such as ECS (electronic clearing system) debits and credits, electronic fund transfer, card transactions, mobile transactions and prepaid instruments were to the tune of Rs 92 lakh crore in the same period, according to RBI data.