Share of electronic transactions in India move up to 75%
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.