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Online transactions declining since March, says report

New Delhi: The number of online transactions is showing a declining trend since March this year. There was a significant increase in the number of e-transactions post demonetization last year, according to the official data.

The number of digital transactions has declined from 119.07 crores in March 2017 to 118.01 crore in April and further to 111.45 crores in May, PP Chaudhary, Minister of State for electronics and IT, said in a written reply in the Lok Sabha, as per a report by HT.

In October 2016, the number of digital transactions was at 71.27 crores which went up to 83.48 crores in November 2016 and further shot up to 123.46 crores in December 2016. The increase in digital transactions was a result of demonetization on November 8, 2016.

In January the total transactions were estimated at 114.96 crores, and about 101.18 crores in February 2017.

On asking about whether the commission was charged on cash transactions under digital economy, the minister said, scheduled commercial banks have the freedom to levy charges for various services, as per a Reserve Bank of India circular dated July 2014.