RuPay card usage jumps 118 percent: RBI

December 02, 2016 21:31

RuPay card usage jumped by over 118.6 per cent in the week following demonetisation that took effect from November 8 mid-night while the overall debit and credit card transactions recorded an increase of 70.5 per cent.

According to RBI data, the usage of RuPay card at POS terminals soared by as much as 200.6 per cent to 46.6 lakh transactions during November 9-15. This compares with 15.5 lakh swipes during November 1-8.

The government demonetised the old high value banknotes from the midnight of November 8 and also imposed restrictions on cash withdrawals from banks as well as ATMs, prompting people to move to go digital.

RBI said a total of 65.6 lakh transactions were recorded through RuPay cards during November 9-15. This includes 19 lakh spendings through e-commerce platforms.

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