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Total digital payment transactions volume increases from 2,071 crore in FY 2017-18 to 13,462 crore in FY 2022-23 at a CAGR of 45 per cent: MoS Finance
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....otal digital payment transactions volume increases from 2,071 crore in FY 2017-18 to 13,462 crore in FY 2022-23 at a CAGR of 45 per cent: MoS Finance <br>News and Press Release<br>Dated:- 19-12-2023<br><BR>'Digital payments transactions reach 11,660 crore in current Financial year as on 11.12.2023' Digital payments have significantly increased in recent years, as a result of coordinated efforts o....
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....f the Government with all stakeholders. This was stated by Union Minister of State for Finance Dr. Bhagwat Kisanrao Karad in a written reply to a question in Rajya Sabha today. The Minister further stated that the total digital payment transactions volume increased from 2,071 crore in FY 2017-18 to 13,462 crore in FY 2022-23 at a CAGR of 45 per cent. During current FY 2023-24, digital payments tr....
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....ansactions have reached 11,660 crore till 11.12.2023. The Minister gave details of the progress made in the number of digital payment transactions during the last six years and current year are as below: Financial Year Volume (in crore) 2017-18 2,071 2018-19 3,134 2019-20 4,572 2020-21 5,554 2021-22 8,839 2022-23 13,462 2023-24 (Till 11th Dec) 11,660 Source: Reserve Bank of Indi....
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....a (RBI), National Payments Corporation of India (NPCI) & DIGIDHAN Portal On the question of various digital payment products which span from retail to wholesale payments, that Minister stated that for wholesale payments, there is Real Time Gross Settlement (RTGS) payment system, and, for retail payments, the payment products are Unified Payments Interface (UPI), National Electronic Fund Transfer ....
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....(NEFT), Immediate Payment Service (IMPS), Credit and Debit cards, Prepaid Payment Instruments, National Automated Clearing House (NACH), Aadhaar enabled Payment Service (AePS) (Fund Transfers), BHIM Aadhaar Pay, and National Electronic Toll Collection (NETC) (linked to bank account). The Minister stated that the Government in coordination with RBI continuously aims to make digital payments user f....
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....riendly while ensuring payment security. The efforts taken include, inter alia, * conversational payments in UPI which enables users to engage in a conversation with an AI- powered system to initiate and complete transactions in a safe and secure environment, * offline payments in UPI to increase the speed of small value transactions on UPI, * expanding the scope and reach of e-RUPI vouchers....
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...., * Linking RuPay Credit Cards to UPI, and * Interoperable Card-less Cash Withdrawal (ICCW) at ATMs.<BR> News - Press release - PIB....