- 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.
Published On : 10 Nov 2018
Current Affair
