<h1>India's Digital Payments Soar 200% Since 2018, Boosted by RuPay and BHIM-UPI Initiatives, Government Support Continues.</h1> Digital payment volumes in India have surged by over 200% since the 2018-19 fiscal year, driven by government initiatives such as the Incentive Scheme for RuPay Debit Cards and BHIM-UPI transactions. The scheme, supported by a Rs. 2,600 crore allocation for FY 2022-23, incentivizes banks to promote low-value digital transactions. UPI transactions alone reached 45 billion in FY 21-22, marking significant growth. The government, along with RBI and NPCI, continues to prioritize digital payment adoption through various initiatives like BHIM-UPI and UPI-123, aiming to enhance banking services and promote a robust digital payment ecosystem.