Paradigm shift in digital transactions in India with growth of more than 200% in digital payment

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For promotion of digital payments, Ministry of Electronics and Information Technology (MeitY) has introduced the Incentive Scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions for the current financial year. This was stated by the Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Lok Sabha on 13 March.

The Minister said that several initiatives have been taken by Government of India, RBI, NPCI and Banks, to promote digital transactions and to create awareness about digital payments in the country. Some of the initiatives are BHIM-UPI, UPI-123, Aadhar Payment Bridge, AePS etc.

There has been a growth of more than 200% in digital payment volume during the last four years since 2018-19, the Minister stated. Further, as per the data sourced from National Payments Corporation of India (NPCI), UPI transactions registered in FY 21-22 were 45 billion, showing 8 times growth in last 3 years and 50 times growth in last 4 years, the Minister stated.