Digital Payments in India: Digital transactions in India have grown rapidly during the last few years. Especially demonetisation and the Corona epidemic have brought digital payments to the villages in the country.
In today’s time, India has become the global leader in the matter of Digital Transaction. It is being discussed from time to time that how India has left even the developed countries miles behind in the matter of digital payment.
The figures of digital payment also tell the story of this growth of India. You may be surprised to know that about 38 crore digital payments are being made everyday in the country.
RBI governor told the figure
Reserve Bank Governor Shaktikanta Das (RBI Governor Shaktikanta Das) gave information about these figures related to the rise in digital payments in a program on Wednesday. He was participating in a program of the Confederation of Indian Industry ie CII. On this occasion, he talked about issues like inflation, repo rate and digital transactions, ranging from the recent decision to demonetise the Rs 2000 note.
So many digital payments are being done through UPI
The RBI governor told that in the year 2016, where around 2.28 crore digital transactions were taking place every day across the country, now their number has increased to 38 crore.
He said that according to the latest figures, an average of 37.75 crore digital transactions are taking place in the country every day and UPI has the highest share in this. About 29.5 crore digital transactions are being completed everyday through UPI alone.
Digital payments increased due to these reasons
Mainly 4 reasons are considered responsible for promoting digital payments in India. The first reason among these is Demonetization. In November 2016, when demonetisation was done across the country, after that there was a problem of cash in the market for several months.
Because of that even small shopkeepers started taking digital payments. It was given revolutionary speed by UPI, which made bank to bank transactions a snap. 4G i.e. cheap internet also helped in taking digital transactions to the common people, when it also gained momentum due to the Corona epidemic.
The wounds of demonetisation are fresh
Incidentally, the Reserve Bank Governor has given this figure regarding digital payments at a time when the wounds of demonetisation have become fresh in the minds of the people. The Reserve Bank announced the withdrawal of the Rs 2000 note last week.
These notes were issued after the demonetisation of November 2016. After the latest decision of RBI, people again started remembering the problems of demonetisation. However, this time the situation is very different from that, because due to the availability of digital medium in the market, there is no significant impact on normal transactions.
