MeraNews Network, Mumbai: 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 after demonetisation.
After the Modi government announced demonetisation of currency notes of the value of Rs 500 and Rs 1000 on November 8, 2016, nearly 86 percent of the currency from the market was pulled back, compelling citizens to switch to digital modes of transactions like Debit and Credit cards, E-Wallets, Net banking, and UPI. 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 Rs 108.7 lakh crore in October 2016, increased 88 percent to Rs 204.86 lakh crore 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.