Digital transactions shoot up post demonetisation
5 Nov 2017 10:53 PM IST
Mumbai: Digital payment companies have seen a substantial jump in their business as a result of the government's measures towards promoting cashless transactions post demonetisation last year.
These firms are likely to further consolidate their business with more incentives for digital transactions.
"In the last 12 months, we saw over 3 times growth.
Before demonetisation, we were processing monthly transactions of Rs 3,000 crore, which now stands at Rs 6,800 crore across all our verticals," Atom Technologies Managing Director and CEO Dewang Neralla said. The major contributor to this growth was online payments business, he indicated.
"Our focus has been largely on the education, travel ticketing financial services, C2G payments and cable and wireless industries and we have seen all round growth both in terms of enrolments as well as transactions.
"Payment processing volumes have grown three times to what they were since demonetisation and we still continue to see a healthy growth of around 20 per cent on a month on month basis in transactions in our online payment gateway," he said.
The company is targeting to bring into fold over 10 lakh merchants over the next few months, it said.
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