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Share of electronic payments in India grows to 88% in value terms: RBI

According to a report by Reserve Bank of India, the share of electronic transactions (the use of electronic means, as opposed to using paper, for making payments) in volume terms has gone up from 27.1 per cent in 2007-08 to 35.3 per cent in 2009-10. In value terms too, the share has increased from 80.4 per cent in 2007-08 to 88.3 per cent in 2009-10.

According to a report by Reserve Bank of India, the share of electronic transactions (the use of electronic means, as opposed to using paper, for making payments) in volume terms has gone up from 27.1 per cent in 2007-08 to 35.3 per cent in 2009-10. In value terms too, the share has increased from 80.4 per cent in 2007-08 to 88.3 per cent in 2009-10.

While card-based payments have been in use for quite some time, more recently, internet/mobile phone-based products and the use of these channels for transactions have been gaining momentum and popularity, the report states. In its report, RBI has said, “There is a need to focus on IT security.” This is still rather weak in India. [Source: Hindu Business Line]

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