Electronic transactions in the country in first nine months were reported at Rs 14,88,353 crore rising 53% over similar period last year according to the data released by the Reserve Bank of India (RBI).
Electronic transactions include electronic clearing services (ECS), national electronic funds transfer (NEFT) and card payments (credit and debit).
NEFT had the largest chunk in electronic payments at Rs 12,54,210 crore the data showed. ECS transactions were worth Rs 1,43,286 crore followed by credit and debit cards.
The number of outstanding debit cards in the country crossed 30 crore mark for the first time. The number of outstanding credit card also continued to rise for the eight consecutive month at 1.83 crore. HDFC Bank is the largest issuer of the credit cards in the country followed by State Bank of India.
The banks especially the foreign banks operating in the country have started aggressive marketing of credit cards even outside the banks existing customer base. The practice was followed by the banks before the crisis year of 2008 and was stopped thereafter.
