New Delhi: While the barrage of attacks from the opposition continues unceasingly on the impact of demonetisation, the major financial shake-up of November 8, 2016 has increased India’s digital transactions by 207 per cent.
According to a report by Ministry of Electronics & IT, over the past two years the digital payment transactions have increased to 244.81 crore in August 2018, up by 207 per cent from 79.67 crore in October 2016. This has resulted in total value transaction of Rs. 204.86 lakh crore in August 2018, which was standing at Rs. 108.7 lakh crore in October 2016, an increase of 88 per cent. This data comes from RBI, NPCI, and data provided by 56 Banks to MeitY.
“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 from Minister of IT said.
At the same time, existing payment modes such as debit cards, credit cards, Immediate Payment Service (IMPS) and Pre Paid Instruments (PPI) have registered substantial growth, the report added.
Also, for the first time, the number of monthly transactions under BHIM-UPI during September 2018 surpassed those of any other existing payment mode.
High Growth of New Payments Platforms:
Growth of BHIM-UPI: In October 2016, the number of transactions on BHIM-UPI was 1.031 lakh with a value of Rs 48 crore, which has increased to 48.236 crore transactions with a value of Rs 74,978.27 crore in October 2018.
Growth in AePS: In October 2016, the number of transactions on AePS was 2.57 crore with a value of Rs 221 crore, which has increased to 15.07 crore transactions with a value of Rs. 5893 crore in October 2018.
Growth in Bharat Bill Payment System (BBPS) as Utility Bill Payments: In October 2016, the number of transactions on BBPS was 11,000 with a value of Rs. 0.035 crore, which has increased to 2.94 crore transactions with a value of Rs. 910 crore in October 2018.
National e-Toll Collection (NETC): On December 2016, NETC was launched for electronic toll collection at toll plazas using FASTAG. Using NETC, the number of electronic transactions using FASTAG at toll plazas is 2.22 crore with a value of Rs. 502 crore in October 2018.
Growth of Digital Payment Transactions of Existing Payment Modes – Debit Cards, Credit Card, Immediate Payments System (IMPS) and Pre Paid Instruments (PPI).
Digital Transaction Volume for existing four modes
|FY||Number of Transactions (In crore)||Year on Year Growth Rate (Percentage)|
source: Payments Systems Indicator Report, DBIE, RBI.