Digital payment transcations rise over 3-fold at 207% to 244.81 cr in August 2018: IT Ministry


The variety of digital cost transactions in India touched 244.81 crore in August 2018, greater than three-fold rise from October 2016, underlining the huge adoption of digital cost modes over the past two years, the IT Ministry stated on Friday.

Representational picture. AP

“New cost modes – Bharat Interface for Cash-Unified Funds Interface (BHIM-UPI), Aadhaar enabled Cost System (AePS) and Nationwide Digital Toll Assortment (NETC) – have reworked digital cost ecosystem by growing Particular person to Particular person (P2P) in addition to Particular person to Service provider (P2M) funds,” the assertion by the Ministry of Electronics and Info Expertise stated.

The variety of digital cost transactions zoomed 207 % to 244.81 crore in August 2018 as in comparison with 79.67 crore in October 2016, it stated.

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Whole worth of such transactions, which stood at Rs 108.7 lakh crore in October 2016, elevated 88 % to Rs 204.86 lakh crore in August 2018.

“Over the previous two years, digital cost transactions have registered an amazing development in India,” the assertion added.

The federal government had on eight November 2016, introduced a ban on previous 500 and 1,000 rupee notes, to curb black cash within the system. The transfer had bolstered adoption of on-line modes of cost.

Outlining the excessive development in new cost platforms, the assertion famous that in October 2016, the variety of transactions on BHIM-UPI was 1.03 lakh with a price of Rs 48 crore – a quantity that rose to 48.2 crore transactions with a price of Rs 74,978.2 crore in October 2018.

The variety of transactions on AePS elevated to 15.07 crore with a price of Rs 5,893 crore in October 2018, from earlier volumes of two.57 crore with a price of Rs 221 crore in October 2016.

The assertion identified that present cost modes similar to debit playing cards, bank cards, Fast Cost Service (IMPS) and Pre Paid Devices(PPI) have registered substantial development as properly.

“With exponential development, new cost modes have additionally emerged as a handy various to present cost modes like debit playing cards, bank cards, IMPS and PPI. For the primary time, the variety of month-to-month transactions underneath BHIM-UPI throughout September 2018 surpassed these of another present cost mode,” it added.

Important rise in digital cost transactions

Whole Transactions (Supply : RBI, NPCI, Knowledge supplied by 56 Banks to MeitY): The variety of digital cost transactions within the month of October 2016 was 79.67 crore. This has elevated by 207 % to 244.81 crore in August 2018. The full worth of transactions in October 2016 was Rs 108.7 lakh crore which has elevated by 88 % to Rs 204.86 lakh crore in August 2018.

Progress of Digital Cost Transactions of Present Cost Modes – Debit Playing cards, Credit score Card, Fast Funds System (IMPS) and Pre Paid Devices (PPI).

DIGITAL Transactions

Excessive development of recent funds platforms

Progress of BHIM-UPI2 (Supply: NPCI Web site) : In October 2016, the variety of transactions on BHIM-UPI was 1.031 lakh with a price of Rs 48 crore, which has elevated to 48.236 crore transactions with a price of Rs 74,978.27 crore in October 2018.

Progress in AePS3 (Supply: Info supplied by NPCI on Weekly foundation to MeitY) : In October 2016, the variety of transactions on AePS was 2.57 crore with a price of Rs 221 crore, which has elevated to 15.07 crore transactions with a price of Rs. 5893 crore in October 2018.

Progress in Bharat Invoice Cost System (BBPS) as Utility Invoice Payments4 (Supply: Info supplied by NPCI on Weekly foundation to MeitY) : In October 2016, the variety of transactions on BBPS was 11,000 with a price of Rs. 0.035 crore, which has elevated to 2.94 crore transactions with a price of Rs 910 crore in October 2018.

Nationwide e-Toll Assortment (NETC): On December 2016, NETC was launched for digital toll assortment at toll plazas utilizing FASTAG. Utilizing NETC, the variety of digital transactions utilizing FASTAG at toll plazas is 2.22 crore with a price of Rs 502 crore in October 2018.

–With PTI inputs



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