agent s of f i nanc i a l i nc lu s i on
71
The retail electronic payment systems [comprising
Electronic Clearing Service (ECS), National Electronic
Fund Transfer (NEFT), Pre-paid Payment System (PPI),
Point of Sale (POS) Terminals/online transactions] grew
substantially during the decade 2004
–
14. The number
of transactions under retail electronic payments rose
from 167 million to 2,268 million while the volume of
transaction grew about 100 times from close to Rs. 500
billion to Rs. 50,000 billion (Table 3.4). It is evident
from Figure 3.5 that momentum of growth in transaction
T
ABLE
3.4
Progress of Retail Electronic Payments
Year
Number (million)
Amount (Rs. billion)
Average volume of transaction (Rs.)
2003–04
166.94
521.43
3,123
2004–05
228.90
1,087.50
4,751
2005–06
285.01
1,463.83
5,136
2006–07
378.71
2,356.93
6,224
2007–08
535.31
10,419.92
19,465
2008–09
667.82
5,003.22
7,492
2009–10
718.16
6,848.86
9,537
2010–11
908.59
13,086.87
14,403
2011–12
1,190.40
22,137.40
18,597
2012–13
1,624.50
33,928.30
20,885
2013–14
2,268.50
50,122.00
22,095
Source
: RBI (2012), Table No. 9A, p. S 1390; RBI (2014), Table IX.1, p. 110.
Note
: Retail electronic payments include transactions through Electronic Clearing Service (ECS), Electronic Fund Transfer/National
Electronic Funds Transfer (EFT/NEFT), and cards (debit and credit).
F
IGURE
3.5
Growth in Retail Electronic Payments
Source
: Same as Table 3.4.
