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Booklet on Measurement of Digital Payments

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Booklet on Measurement of Digital Payments BOOKLET ON MEASUREMENT OF DIGITAL PAYMENTS Trends, Issues and Challenges Revised and Updated as on 9thMay 2017 Foreword A Committee on Digital Payments was constituted by the Ministry of Finance, Department of Economic Affairs under my Chairmanship to inter-alia recommend measures of promotion of Digital Payments Ecosystem in the country. The committee submitted its final report to Hon’ble Finance Minister in December 2016. One of the key recommendations of this committee is related to the development of a metric for Digital Payments. As a follow-up to this recommendation I constituted a group of Stakeholders under my chairmanship to prepare a document on the measurement issues of Digital Payments. Based on the inputs received from RBI and Office of CAG, a booklet was prepared by the group on this subject which was presented to Secretary, MeitY and Secretary, Department of Economic Affairs in the review meeting on the aforesaid Committee’s report held on 11th April 2017 at Ministry of Finance. The review meeting was chaired by Secretary, Department of Economic Affairs. This booklet has now been revised and updated with inputs received from RBI and CAG. The revised and updated booklet inter-alia provides valuable information on the trends in Digital Payments in 2016-17. This has captured the impact of demonetization on the growth of Digital Payments across various segments. Shri, B.N. Satpathy, Senior Consultant, NISG, MeitY and Shri. Suneet Mohan, Young Professional, NITI Aayog have played a key role in assisting me in revising and updating this booklet. This updated booklet will provide policy makers with suitable inputs for appropriate intervention for promoting Digital Payments. Ratan P. Watal Principal Adviser NITI Aayog Government of India Revised and Updated Booklet on Digital Payments Highlights 1. Background: One of the key recommendations of the Committee on Digital Payments related to development of a metric for Digital Payments (R-13 under the category of regulatory measures). 2. Action taken: A group of stakeholders from different departments and RBI was constituted under my chairmanship to facilitate the work relating to development of metric. 3. Booklet: A booklet was prepared on the subject, and was presented to Secretary, MeitY and Secretary DEA, Ministry of Finance on 11th April 2017 in the review meeting on Digital Payments which was held under the chairmanship of Secretary DEA. The booklet inter-alia dealt with legal definition of digital payments as provided under the Payment and Settlement Act, growth trends in digital payments and issues relating to charges and challenges for collecting and disseminating disaggregated data. Primary objective of this booklet was to provide official data on the growth of digital payments so that policy makers can monitor the progress of digital payments in the country. This is very critical in the light of the fact that the government has set a target of 25 billion transactions to be achieved in a year. As per this booklet, the volume of transactions in 2015-16 was around 7.0 billion registering a growth of 49.4 % over 2015-16 4. Revised and Updated Booklet The booklet has now been revised with updated data from RBI and CAG. 5. Trends (2001-2017) The volume of overall payments accelerated over the period 2011-12 to 2015-16, recording a compound average annual growth rate (CAGR) of over 28 per cent. The nominal value of overall payments also increased every year over 2011-12 to 2015-16, though not steadily, recording a CAGR of nearly 13 per cent; the growth rate of nominal value of payments was placed at over 24 per cent in 2016-17. The value of overall payments was around 13 to 14 times of GDP during this period, largely reflecting the impact of SIFMIs. Contrastingly, the outstanding stock of currency in circulation which hovered around 12 per cent of GDP during 2011-12 to 2015-16, declined to 8.8 per cent during 2016- 17, reflecting the impact of the demonetization, partially offset by the on-going re- monetization process. 6. Summary Trends (2016-17) Volume of Digital Transaction in 2016-17 touched 10.9 Billion registering a growth of about 55% over 2015-16. The corresponding growth rate in 2015-16 was 49.4%. The PPI Segment in volume of transactions registered a spectacular growth of 162.5% during 2016-17 as compared to 137.8% in 2015-16. In value terms the total Digital Payments touched a value of Rs. 2141071 Billion registering a growth of 24.2% in 2016-17. IMPS segment have exhibited robust growth of 153.5% in 2016-17 in value terms. Table of Contents S.No. Topic Page No. 1 Digital Payments – Definition 1 2 Technologies of Digital Payments 1 3 Trends of Digital Payments (2011-12 to 2016-17) 3 4 Trends during 2016-17 6 5 State Government Budgetary Transactions in Digital Mode 9 6 Authorized Payment Service Providers – List 9 7 Digital Payments Service Charges 9 8 Proposed Classification of Data 12 9 Proposed Indicators for Metric 12 Annexure 1 Payment System Indicators - Annual Turnover 13 2 Extent of Digital Payment 16 3 Authorized Payment Service Providers 18 List of banks permitted to issue pre-paid cards in India as on March 4 33 03, 2017 5 Glossary 34 Measurement of Digital Payments 1. Digital Payments – Definition In order to measure Digital Payments, it is necessary to define it in precise terms. The Payment and Settlement Act, 2007 has defined Digital Payments. As per this any “electronic funds transfer” means any transfer of funds which is initiated by a person by way of instruction, authorisation or order to a bank to debit or credit an account maintained with that bank through electronic means and includes point of sale transfers; automated teller machine transactions, direct deposits or withdrawal of funds, transfers initiated by telephone, internet and, card payment. 2. Technologies of Digital Payments As per the definition under the Act, measurement of Digital Payments is dependent on the underlined technologies. The various technologies used for electronic transfer of funds are as follows: *99#: The service works across all GSM service providers and handsets. IMPS: It is available on Basic mobile phones, Smart phones, via Internet and at ATMs NEFT: Individuals, firms or corporates maintaining accounts with a bank branch can transfer funds using NEFT. Even such individuals who do not have a bank account (walk-in customers) can also deposit cash at the NEFT-enabled branches with instructions to transfer funds using NEFT. However, such cash remittances will be restricted to a maximum of Rs.50,000/- per transaction. Indo-Nepal Remittance Facility, a cross-border remittance scheme to transfer funds from India to Nepal is also available. NEFT operates in hourly batches. There are twelve settlements from 8 am to 7 pm on week days and six settlements from 8 am to 1 pm on Saturdays. Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time. The customers can initiate transactions through various channels mobile, internet, etc. Also the customer has the option to initiate NEFT by walking into a branch by making a request. The NEFT transactions can be initiated by a walk-in customer (not having an account with the bank / branch) as well. As regards technical requirements of the banks, the banks need to have the minimum technical requirements as prescribed in the NEFT procedural guidelines. In the Statement on Developmental and Regulatory Policies issued by the RBI on April 06, 2017, it was stated that the NEFT settlement cycle would be reduced from hourly batches to half hourly batches. Consequently, from July 10, 2017, 11 additional settlement batches 1 would be introduced at 8.30 am onwards, taking the total number of half hourly settlement batches during the day to 23. This is to enhance the efficiency of the NEFT system and add to customer convenience. The starting batch at 8.00 am and closing batch at 7.00 pm remain the same. The return discipline also remain the same, i.e., B+2 hours (settlement batch time plus two hours) as per the existing practice. RTGS: The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is ` 2 lakh. However, for inter-bank funds transfer there is a floor. This facility can also be used by individuals and corporate. Under normal circumstances the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. The beneficiary bank has to credit the beneficiary's account within 30 minutes of receiving the funds transfer message. The customers can initiate transactions through various channels mobile, internet, etc. Also the customer has the option to initiate RTGS by walking into a branch by making a request. PPI: Individuals/ Organizations are permitted to hold pre-paid payment instruments for purchase of goods and services, including financial services. The pre-paid payment instrument issuers shall put in place adequate information and data security infrastructure and systems for prevention and detection of frauds. It is necessary to have a centralized database/ MIS by the issuer to prevent multiple purchase of payment instruments at different locations, leading to circumvention of limits, if any, prescribed for such payment instruments. Mobile Banking: The services shall be restricted only to customers of banks and/or holders of debit/credit cards issued as per the extant Reserve Bank of India guidelines. Information Security is most critical to the business of mobile banking services and its underlying operations. Therefore, technology used for mobile banking must be secure and should ensure confidentiality, integrity, authenticity and non-reputability.
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