Banks earned more than Rs 5 lakh crore from your money, India became the fourth largest country in wallet transactions.

More than 10 billion cashless transactions took place in India in August. At the same time, Indian banks have earned $64 billion from online transactions. After which India has become the fourth largest country in the world doing online transactions.

Do you know that banks earn a lot from your money? If not, then let us tell you, banks earn a lot of profit from your every online transaction. In fact, more than 10 billion cashless transactions took place in India in August. Most of these transactions were online. Customers using mobile-phone wallet to pay bills above Rs 2,000 are charged 1.1 per cent. Due to which the payment revenue reached 64 billion dollars i.e. 5 lakh crores. India became the fourth largest country in the world in the list of people earning more from online transactions.

This is how banks earn money

The bank is charging 1.1 percent from the customer on every online or wallet transaction of more than Rs 2000. Banks levy charges on high value transactions. At the same time, the government gives money to banks to promote online transactions for low value transactions. It is a big thing for India that the online payment system which started seven years ago is now being used almost everywhere.

India came in top 4

Indian banks have earned 64 billion dollars i.e. Rs 5 lakh crore from online transactions. After which India has become the fourth largest country in the world doing online transactions. India's payment revenue grew to $64 billion last year. By generating revenue of $64 billion, India has come fourth in terms of earning from online payments. The names of China, America, Brazil and India are included in the top 4. Digital commercialization has increased due to the increasing trend of online transactions. Apart from this, the use of credit cards has also increased. Since last year, credit cards have also been allowed to be linked to UPI. Due to which people are also doing online transactions through credit cards.

The figure will reach 765 billion in 4 years

Last year, 620 billion online transactions were done through the country's banks. At that time India was at fifth position in terms of online transactions. In the coming time, by 2027, this figure will increase to 765 billion. Of these, almost two out of three exchanges have taken place online. Let us tell you, apart from fintech companies, banks have also started their wallet and UPI mode for online transactions. Through which customers can send money from one place to another online within a few seconds.