India’s digital payment transactions have seen a boom in the last five years. Digital payment methods, such as the Bharat Interface for Money-Unified Payments Interface (BHIM-UPI), Immediate Payment Service (IMPS), Prepaid Payment Instruments (PPI), and the National Electronic Toll Collection (NETC) system have generated substantial registrations. has evolved and transformed the digital payments ecosystem.
According to the latest data of the Ministry of Electronics and IT, so far Rs 3,270 crore has been earned in the country. digital transactions Between April and July 24 this year. Digital payment transactions were 4,572 crore in FY2019-20, 5,554 crore in FY2020-21 and 8,840 crore in FY2021-22 respectively.
In addition, digital transactions of Rs 566 lakh crore has been made in the financial year 2022-23, informed the ministry.
The total value of the digital transaction was 2,953 lakh crore (FY 2019-20); 3,000 lakh crore (FY2020-21), and 3,021 lakh crore (FY2021-22), respectively.
“The digital payments landscape in India has changed. Indian consumers have shown great affinity towards digital technology, leading to rapid growth in digital payments infrastructure,” MeitY said in a statement.
Yesterday, Prime Minister Narendra Modi lauded the outstanding achievement of 6 billion UPI transactions in July, the highest since 2016.
Unified Payments Interface (UPI) made over 6 billion transactions in July: the highest ever by India’s leading digital payments platform since its inception in 2016.
UPI reported 6.28 billion transactions 10.62 trillion, according to data released by the National Payments Corporation of India (NPCI), which operates the platform.
According to the NPCI data, month-on-month, transaction volume grew by 7.16% and value increased by 4.76%. Year-on-Year (YoY), transaction volume nearly doubled, while transaction value grew by 75%.
Bharat Interface for Money-Unified Payments Interface (BHIM-UPI) has emerged as the preferred payment mode of citizens and has achieved a record 452.75 crore digital payment transactions. 8.27 lakh crore till 28 February 2022.
In March 2022, the Ministry of Electronics and IT informed that there has been a steady increase in digital payment transactions over the years, as a part of the Government of India’s strategy to digitize the financial sector and economy.
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