India’s digital transactions have seen a revolution. Some fresh figures published by the Press Information Bureau (PIB) shed light on the increased number of digital transactions over the period of the last nine years.
India’s digital transactions grew 100x in the last 9 years from 127 crores in 2013-14 to 12,735 crores in 2022-23 (as on March 23, 2022). This was possible due to the availability of several digital payment modes.
Digital Revolution: Transforming India's Economy through Digital Transactions
100X increase in Digital Transaction in last 9 years from a mere 127 crore in 2013-14 to 12,735 crore transactions in 2022-23 (as on Mar 23, 2022)#UPI has emerged as the preferred payment mode of the… pic.twitter.com/TpJ67bgq6N
— PIB India (@PIB_India) May 21, 2023
UPI was one of the preferred payment modes amongst other digital payment modes such as Immediate Payment Service (IMPS), prepaid payment instruments (PPIs), and National Electronic Toll Collection (NETC).
“UPI has emerged as the preferred payment mode of the citizens and has recorded 886.3 crore digital payment transactions with the value of Rs 14.15 lakh crore in April 2023.”
“The increase in digital transactions in India’s economy has provided numerous benefits for growth. It promotes financial inclusions, enhances transparency in government systems, fosters innovation, and provides valuable data for informed decision-making. Overall it strengthens the economy and drives sustainable growth,” noted the press release.
In other news, UPI is expanding and reaching more places as new UPI-supported Credit Cards emerge. Recently, Paytm in partnership with SBI and NPCI launched the Paytm SBI Credit Card that supports UPI transactions.
What this means is that you can add your Credit Card for UPI transactions for quicker and more convenient payments.
Furthermore, Japan’s Digital Miniter Kono Taro confirmed that Japan is mulling over joining India’s UPI system.
“We are now seriously thinking about joining Indian UPI, the payments system and also, we are contemplating how we can mutually recognize e-ID, for well – starting with cooperation, so we can increase interoperability, said Taro.
Sometime back, UPI Lite was introduced and it’s now available on Paytm. For the unversed, UPI Lite is for small-value transactions of up to Rs 2,000.
Interestingly, UPI Lite is said to never fail since there’s no need of inputting your UPI Pin or any other details for doing transactions.
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