Strong jump in wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payment transactions due to UPI!
There has been a strong jump in wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payment transactions in the country. In the financial year 2024-25, till january this year, wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payment transactions including UPI have been recorded more than 18,120 crores, in which the transaction value has crossed Rs 2,330 lakh crore. The government has given this information in Parliament.
According to the information given by the central government in response to the question asked in the Question Hour in Parliament, in the financial year 2024-25, till january this year, wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payment transactions including UPI have been recorded more than 18,120 crores. The total wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payment transactions have increased from 8,839 crores in FY 2021-22 to 18,737 crores in FY 2023-24, registering an annual growth rate of 46 per cent. minister of State for Finance Pankaj Chaudhary, in a written reply to a question in the Rajya Sabha, said that this growth is due to the Unified Payment Interface (UPI), which grew at a CAGR of 69 per cent and increased from 4,597 crore transactions in FY 2021-22 to 13,116 crore transactions in FY 2023-24.
The minister of State for Finance informed that UPI has achieved about 70 per cent share of total wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payment transactions in FY 2023-24. Apart from this, wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payment infrastructure (QR code and POS terminals), onboarding of new merchants and third party app providers (TPAP) have also grown substantially during the plan period. The government has launched the Digidhan Mission to promote digital payments in the country and strengthen the digital payments ecosystem.
An incentive scheme has been implemented from FY 2021-22 to incentivise banks and other ecosystem partners to promote UPI and wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payments. Consultations were held with stakeholders including banks while designing the scheme. A dedicated Incentive Scheme (ISB) portal has also been developed for banks for creating awareness and data collection. As a result, the number of banks offering digital payments including UPI payments has increased from 216 in FY 2021-22 to 572 in FY 2023-24. The 'Incentive Scheme' to promote RuPay debit cards and low value BHIM-UPI transactions Person to Merchant (P2M) has contributed significantly to the growth of digital payments in the country.
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