Total digital payment transactions jump at a CAGR of 45 % from 2,071 cr in FY18 to 13,462 crore in FY23
New Delhi: India’s total digital payment transactions volume increased from Rs 2,071 crore in FY 2017-18 to 13,462 crore in FY 2022-23 at a CAGR of 45 percent.
Union Minister of State for Finance Dr. Bhagwat Kisanrao Karad gave the information in a written reply to a question in Rajya Sabha on Tuesday.
During the current FY 2023-24, digital payments transactions have reached 11,660 crore till December 11, 2023, according to the correspondance.
The minister told the parliament that there are different digital payment options, covering both big and small transactions.
For big transactions, Real Time Gross Settlement (RTGS) is used while retail transactions are done through like Unified Payments Interface (UPI), National Electronic Fund Transfer (NEFT), Immediate Payment Service (IMPS), Credit and Debit cards, Prepaid Payment Instruments, National Automated Clearing House (NACH), Aadhaar-enabled Payment Service (AePS) for fund transfers, BHIM Aadhaar Pay, and National Electronic Toll Collection (NETC) linked to bank accounts.
The minister emphasized that the government, working with the Reserve Bank of India (RBI), is committed to making digital payments easy to use while ensuring that they are
The Minister stated that the Government in coordination with RBI continuously aims to make digital payments user-friendly while ensuring payment security.
The efforts taken include, among other things, conversational payments in UPI which enables users to engage in a conversation with an AI-powered system to initiate and complete transactions in a safe and secure environment, offline payments in UPI to increase the speed of small value transactions on UPI, expanding the scope and reach of e-RUPI vouchers, Linking RuPay Credit Cards to UPI, and Interoperable Card-less Cash Withdrawal (ICCW) at ATMs.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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