The number of digital payment transactions in India touched 244.81 crores in August 2018, more than three-fold rise from October 2016, underlining the massive adoption of digital payment modes over the last two years.
The statement by the Ministry of Electronics and Information Technology said in New Delhi that New payment modes, BHIM-UPI, AePS, and NETC have transformed digital payment ecosystem by increasing Person to Person (P2P) as well as Person to Merchant (P2M) payments.
It said the number of digital payment transactions zoomed 207 percent to 244.81 crores in August 2018 as compared to 79.67 crores in October 2016.
The total value of such transactions, which stood at 108.7 lakh crore rupees in October 2016, increased 88 percent to 204.86 lakh crore rupees in August 2018.
The statement said that existing payment modes such as debit cards, credit cards, Immediate Payment Service (IMPS) and Pre Paid Instruments(PPI) have registered substantial growth as well.
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