INDIA RECORDS 45 PER CENT GROWTH IN DIGITAL PAYMENT

Riding on the coordinated efforts of the Government with all stakeholders, India’s total digital payment transactions volume increased from Rs 2,071 crore in financial year 2017-18 to Rs 13,462 crore in FY 202223 at a compounded annual growth rate of 45 per cent.

- NIVEDITA MUKHERJEE

The digital payments transactions have reached Rs 11,660 crore in the current financial year FY24 as on 11 December, 2023, Minister of State for Finance Bhagwat Kisanrao Karad informed Rajya Sabha on Tuesday.

Digital payments have significantly increased in recent years, with the Government and RBI coordination to make digital payments user-friendly across retail to wholesale payments. While wholesale payments are made through Real Time Gross Settlement payment system, for retail payments, the payment products are 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) (Fund Transfers), BHIM Aadhaar Pay,and National Electronic Toll Collection (NETC) (linked to bank account).