India’s IT Ministry Says Digital Transactions Volume Soared To 224.8 Crore In August
The number of digital payment transactions in India touched 244.81 crore in August 2018, more than a three-fold rise from October 2016, underlining the massive adoption of digital payment modes over the last two years, the Information Technology Ministry said on Friday.
“New payment modes Bharat Interface for Money-Unified Payments Interface, Aadhaar enabled Payment System and National Electronic Toll Collection have transformed digital payment ecosystem by increasing person-to-person as well as person-to-merchant payments,” the statement by the Ministry of Electronics and Information Technology said.
The number of digital payment transactions rose to 244.81 crore in August 2018 as compared to 79.67 crore in October 2016, it said. Total value of such transactions, which increased 88 percent from October 2016 to Rs 204.86 lakh crore in August 2018.
Over the past two years, digital payment transactions have registered a tremendous growth in IndiaMinistry of Electronics and Information Technology
The government had on Nov. 8, 2016, announced a ban on old Rs 500 and Rs 1,000 notes, to curb black money in the system. The move is claimed to have bolstered the adoption of online modes of payment.
Outlining the high growth in new payment platforms, the statement noted that in October 2016, the number of transactions on BHIM-UPI were 1.03 lakh with a value of Rs 48 crore—a number that rose to 48.2 crore transactions with a value of Rs 74,978 crore in October 2018.
The statement pointed out that existing payment modes such as debit cards, credit cards, Immediate Payment Service and Pre Paid Instruments have registered substantial growth as well.