SME Times News Bureau | 09 Nov, 2018
The Ministry
of Electronics & IT on Friday said India has witnessed tremendous growth in
digital transaction in the last two years.
The
number of digital payment transactions in the month of Oct, 2016 was 79.67 Cr.
This has increased by 207% to 244.81 Cr in Aug, 2018, said the ministry.
Total
value of transactions in Oct, 2016 was Rs.108.7 Lakh Crore which has increased
by 88% to Rs. 204.86 Lakh Crore in Aug, 2018, it added.
According
to official data, new payment modes – Bharat Interface for Money-Unified
Payments Interface (BHIM-UPI), Aadhaar enabled Payment System (AePS) and
National Electronic Toll Collection (NETC) – have transformed digital payment
ecosystem by increasing Person to Person (P2P) as well as Person to Merchant
(P2M) payments.
At the
same time existing payment modes such as debit cards, credit cards, Immediate
Payment Service (IMPS) and Pre Paid Instruments (PPI) have registered
substantial growth.
With exponential
growth, new payment modes have also emerged as a convenient alternative to
existing payment modes like debit cards, credit cards, IMPS and PPI. For the
first time, the number of monthly transactions under BHIM-UPI during Sept 2018
surpassed those of any other existing payment mode, said the ministry.
In Oct 2016, the number of transactions on BHIM-UPI was 1.031 lakh with
a value of Rs 48 Cr., which has increased to 48.236 Cr transactions with a
value of Rs 74,978.27 Cr in Oct 2018.
In Oct, 2016, the number of transactions on AePS was 2.57 Cr with a
value of Rs 221 Cr, which has increased to 15.07 Cr transactions with a value
of Rs. 5893 Cr in Oct 2018.
In Oct 2016, the number of transactions on BBPS was 11,000 with a value
of Rs. 0.035 Cr, which has increased to 2.94 Cr transactions with a value of
Rs. 910 Cr. in Oct 2018.
On Dec 2016, NETC was launched for electronic toll collection at toll
plazas using FASTAG. Using NETC, the number of electronic transactions using
FASTAG at toll plazas is 2.22 Cr with a value of Rs. 502 Cr in Oct 2018.
