Efforts to promote digital transactions in place of cash in the country are beginning to have an impact. According to the Reserve Bank of India, digital payments in the country have increased almost six-fold in the last five years.
Efforts to promote digital transactions in place of cash in the country are beginning to have an impact. According to the Reserve Bank of India, digital payments in the country have increased almost six-fold in the last five years. According to the latest data from the Central Bank, digital payments grew by 55.1 per cent between 2015-16 and 2019-20. During this period, the total digital payment in March 2016 was Rs. 593.61 crore to Rs. 3,434.56 crores.
The value of transactions during this period was Rs. 920.38 lakh crore to Rs. 1,623.05 lakh crore. The annual compounding rate is 15.2 percent. According to RBI data, digital payments increased from Rs 593.61 crore to Rs 969.12 crore in the year-ago period, compared to Rs. 1,120.99 lakh crore.
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Similarly, these figures continue to rise year on year. However, despite a slight decline in total value during the period, the number of transactions increased to 3,434.56, a huge increase in the financial year 2019-20, which stood at Rs 1,623.05 lakh crore. Digital transactions have grown rapidly in the wake of the corona virus epidemic and lockdown.
On the other hand, according to the Unified Payments Interface (UPI) data, April to August saw a steady increase in volume and value in digital transactions. According to UPI figures, transactions were 1.51 lakh crore in April, 2.18 lakh crore in May, 2.61 lakh crore in June, 2.90 lakh crore in July and 2.98 lakh crore in August. At the same time, 2.06 lakh crore transactions were confirmed in March before the lockdown. UPI payments fell 27 percent in April due to the lockdown. 1.3 billion people have resorted to digital payments due to the coronavirus. (Symbolic image)
