Digital payment transactions register unprecedented growth in country: Govt

The Union Government today said, digital payment transactions have registered unprecedented growth in the country. In a written reply in the Lok Sabha, Minister of State for Electronics and Information technology Rajeev Chandrasekhar said, easy and convenient modes of digital payment, such as Bharat Interface for Money-Unified Payments Interface (BHIM-UPI), Immediate Payment Service (IMPS) , pre-paid payment instruments (PPIs) and National Electronic Toll Collection (NETC) system have registered substantial growth. Mr Chandrasekhar said, these have transformed digital payment ecosystem by increasing person-to-person (P2P) as well as person-to-merchant (P2M) payments. He said, BHIM-UPI has emerged as the preferred payment mode of users. The total number of over eighty-eight hundred crore digital payment transaction undertaken during 2021-22 and nearly 33 hundred crore in the current financial year upto 24th of last month.

The Minister said, Indian consumers have displayed great affinity to digital technology, leading to raid growth in digital payment infrastructure.



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