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Demonetization data: growth in digital transactions wasn’t exponential

There was appreciable, but not exponential, growth in digital transactions, if data from the Reserve Bank of India is to be believed. If you look at data Mobile Banking (5 banks), Debit and Credit card transactions (4 banks, point of sale transactions only), Wallets / PPIs (only for goods and services), IMPS, NEFT, USSD, UPI, NACH (National Automated Clearing House), comparing the average transactions and amount-transacted per day for the 29-30 day reported period in December, and the month of November, growth in terms of volume of transactions was only 26.1%, and amount transacted declined 5.9%. Note that the decline in average value of transactions per day was largely because of a 12.1% decline in value of NACH transactions, and excluding that, other modes of payment showed growth; it's just that growth in digital payments during a month period when the government promoted its forced cashlessness was not exponential. Again, a caveat that the RBI is releasing incomplete data, so this analysis is indicative, but not necessarily subject to change once more data is available. 1. Debit and Credit card transactions: during the month of December, judging by data from point-of-sale transactions for four banks, an average of 9.9 million transactions per day were over the reported 29 day period, around 43.9% higher than 6.9 million transactions per day in November 2016. In total, over the 29 day period reported so far, around 285.9 million debit and credit card transactions were executed at PoS terminals for the four banks which the…

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Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

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