By Raphael Michilis
Electronic payments transactions in India rose by 27,7% in the 2011-12 period, and their volume was up nearly 70% year-on-year, showing unquestionable rising of its popularity.
However, cheques are still the preferred form of payment for high value transactions in the country, reports The Hindu Business Line.
According to the newspaper the traditional paper payment mode accounted for INR 98.9 lakh crore (about USD1.7trn) while the electronic counterparts accounted for only INR 22 lakh crore(USD 391bn) in 2011-12, says the newspaper.
More than INR 115.9 crore credit card, debit card, electronic clearing services (ECS) and national electronic fund transfers (NEFT) took place that year. A little less than the INR 134.1 crore payments made through cheques.
On the other hand, business with cheques followed another trend, falling around 3% in volume and the value of transactions in that period.
The volume of e-payments rose almost 10 times and the value of transactions around four-fold by 2011-12 from 2003-04 levels.
In contrast, the number of transactions using cheques registered slower growth of around 31% and the value has plunged about 15%.
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