India soon to be a digital payment society: Finance Ministry

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digital paymentsWith Unified Payments Interface (UPI) crossing 300 million mark in August, digital payments is soon going to be a norm for Indian society, said Finance Ministry officials.

“Digitalisation of payments in India is marching ahead with gusto. With a base of 100 million Indians connected with digital payment ecosystem rising at a fast clip, India will soon be a digital payment society,” said Subhash Chandra Garg, Secretary, Economic Affairs.

UPI, for the first time, reported 312.02 million transactions in August. It registered a 32 percent growth from 235.65 million transactions in July, said the National Payments Corporation of India (NPCI) on Saturday.

 

Further, in terms of transaction value, UPI reported an 18 percent growth and reached Rs 54,212.26 crore in August from Rs 45,845.64 crore in July, said the NPCI.
To avoid duplicate transactions by fintech companies for increasing UPI number, NPCI this time ordered the banks to stop including transactions with debit or credit in the same account for the month of August.

 

 

“The spurt in digital transactions reflects changing consumer behaviour and wider adoption of the technology in society,” said Rajeev Kumar, Secretary, Financial Services.

“Digital India making deep inroads into consumer behaviour. BHIM UPI transactions show increasing user adoption month on month. Aug ’18 txn count/value up by 32.7 percent and 18 percent over July ’18. Building a less-cash and financially-inclusive economy,” said Kumar.

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