Share of electronic transactions in India move up to 75%

Mumbai, India - 28 November 2007

Significant advances in technology are enabling people to move beyond cash and even cheques as a mode of payment. The Reserve Bank of India is encouraging transactions based on electronic medium. These modes of payments not only make the transfers more secure, but also significantly faster. It is their aim to make maximum number of transactions as paper-less as possible by creating greater awareness amongst the public.

Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Electronic Clearing Service (ECS) have opened up new and better alternatives to cash/cheque-based transactions. According to latest Reserve Bank of India data, almost 75% of total transactions (in value terms) in 2006-07 were in electronic format as compared to about 30% three years ago.

Banknet India has announced the Bank Customer Survey on Payment Systems. This survey is open to any person holding a bank account in India.

The Bank Customer Survey on Payment Systems 2007 attempts to determine the awareness and acceptance levels of these funds transfer options among the end-users. According to Mr. Anurag Khanna, Chairman, Banknet Group this survey will also give banks an insight into bank users' awareness about new electronic payment products like RTGS and alternate payment channels. He mentioned that ATMs has been deliberately kept out of this survey, as a separate survey will be conducted focused only on ATMs and related issues.

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