India’s Digital Boom: Payment Transactions Soar 44% to ₹18,000 Cr

The digital payment transactions in the country have gone up to over 18,000 crore rupees last financial year, registering an annual growth rate of 44 per cent. In a written reply in the Lok Sabha yesterday, Minister of State for Finance, Pankaj Chaudhary said, the Immediate Payment Service and National Electronic Toll Collection have shown remarkable growth, while Unified Payments Interface has been the major driving force of digital payment transactions in the



country. 

He added that Incentive Scheme for Promotion of RuPay Debit Cards and Low-Value BHIM-UPI transactions has a financial outlay of 3,500 crore rupees for the last fiscal. The Minister further said, the Payment Infrastructure Development Fund, operationalized by RBI to support digital payments infrastructure in Tier-3 to Tier -6 centres and Northeastern states, have led to the deployment of 4.08 crore touch points till November last year.