Government most likely to complete FY19 digital payments target

digital payments

The Centre is most likely to achieve its target of 30 billion digital payment transactions in the current financial year, said experts.

Digital paymentsAs per the calculations based on the data provided by, Reserve Bank of India and the National Payments Corporation of India, the number of digital transactions stood at about 11.8 billion for the first six months of this financial year.

The data include payment modes namely cards, immediate payment service (IMPS), prepaid wallets, Unified Payments Interface (UPI), National Automated Clearing House (NACH) and Aadhaar Enabled Payment System (AePS).

While the 39 percent of the target has been achieved so far, bankers and industry executives believe that the unachieved target could be surpassed by the end of the year and the digital payments industry will witness several new forms of e-payment modes and entry of new players.

 “A few trends around higher number of merchants being acquired for offline digital payments, adoption of national mobility card for toll and transit payments and further push on UPI through WhatsApp and Google show that going forward, the digital payments adoption is only going to increase,” said Vivek Belgavi, fintech leader at PwC India.

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