Express Computer
Home  »  Internet  »  Digital payment transaction volumes rise to 244.8 crore in August 2018, says govt

Digital payment transaction volumes rise to 244.8 crore in August 2018, says govt

The number of digital payment transactions zoomed 207 per cent to 244.81 crore in August 2018 as compared to 79.67 crore in October 2016

0 485

The number of digital payment transactions in India touched 244.81 crore 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 IT Ministry has said.

“New payment modes – Bharat Interface for Money-Unified Payments Interface (BHIM-UPI), Aadhaar enabled Payment System (AePS) and National Electronic Toll Collection (NETC) – have transformed digital payment ecosystem by increasing Person to Person (P2P) as well as Person to Merchant (P2M) payments,” the statement by the Ministry of Electronics and Information Technology said.

The number of digital payment transactions zoomed 207 per cent to 244.81 crore in August 2018 as compared to 79.67 crore in October 2016, it said.

Total value of such transactions, which stood at Rs 108.7 lakh crore in October 2016, increased 88 per cent to Rs 204.86 lakh crore in August 2018.

“Over the past two years, digital payment transactions have registered a tremendous growth in India,” the statement added.

The government had on November 8, 2016, announced a ban on old 500 and 1,000 rupee notes, to curb black money in the system. The move had bolstered adoption of online modes of payment.

Outlining the high growth in new payment platforms, the statement noted that in October 2016, the number of transactions on BHIM-UPI was 1.03 lakh with a value of Rs 48 crore – a number that rose to 48.2 crore transactions with a value of Rs 74,978.2 crore in October 2018.

The number of transactions on AePS increased to 15.07 crore with a value of Rs 5,893 crore in October 2018, from previous volumes of 2.57 crore with a value of Rs 221 crore in October 2016.

The statement pointed out 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.

“With exponential growth, new payment modes have also emerged as a convenient alternative to existing payment modes like debit cards, credit cards, IMPS and PPI. For the first time, the number of monthly transactions under BHIM-UPI during Sept 2018 surpassed those of any other existing payment mode,” it added.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.

LIVE Webinar

Digitize your HR practice with extensions to success factors

Join us for a virtual meeting on how organizations can use these extensions to not just provide a better experience to its’ employees, but also to significantly improve the efficiency of the HR processes
REGISTER NOW 

Stay updated with News, Trending Stories & Conferences with Express Computer
Follow us on Linkedin
India's Leading e-Governance Summit is here!!! Attend and Know more.
Register Now!
close-image
Attend Webinar & Enhance Your Organisation's Digital Experience.
Register Now
close-image
Enable A Truly Seamless & Secure Workplace.
Register Now
close-image
Attend Inida's Largest BFSI Technology Conclave!
Register Now
close-image
Know how to protect your company in digital era.
Register Now
close-image
Protect Your Critical Assets From Well-Organized Hackers
Register Now
close-image
Find Solutions to Maintain Productivity
Register Now
close-image
Live Webinar : Improve customer experience with Voice Bots
Register Now
close-image
Live Event: Technology Day- Kerala, E- Governance Champions Awards
Register Now
close-image
Virtual Conference : Learn to Automate complex Business Processes
Register Now
close-image