In the past few years, there has been a surge in the volume of UPI transactions across the country. In the last year, registered UPI transactions totaled 45 billion during FY 21-22. This shows an 8x increase in the last three years and a 50x growth over the past four years. The Union Minister of State Finance Bhagwat Kisanrao Kard said in a written response to a question from the Lok Sabha on Monday – To encourage digital payments and to encourage digital payments, authorities from the Ministry of Electronics and Information Technology (MeitY) have been granted approval for RuPay Debit cards and low-value BHIM cards for the current year’s financial year. A scheme of incentives is in place to help promote UPI transactions.
The biggest shift in digital transactions in India
In the wake of several initiatives of the government as well as the various initiatives taken by the Minister for Finance. There’s been a shift in digital transactions in India which is evident in the increased amount of digital transactions. Over the past four years financial. Minister stated that the number of digital transactions has grown by over 200 percent over the last four years starting from 2018-19. Furthermore, according to information from the National Payments Corporation of India (NPCI) registered UPI transactions reached 45 billion during FY 21-22. This is an increase of 8x in the last three years and a 50x increase in the past 4 years.
Significant increase in transactions made using RuPay Debit cards that are on the platform of BHIM-UPI.
The minister stated that the scheme will enable Point-of-Sale (POS) as well as E-commerce transactions made using RuPay Debit cards as well as low-value (i.e. up to Rs . 2,000) merchant-to-person (P2M) transactions through the platform of BHIM UPI. Banks can receive financial incentives to encourage the scheme. It also encourages UPI Lite and UPI 123 Pay as user-friendly and cost-effective digital payment options. A total of Rs. 2,600 crores was set aside for the scheme until 2022-23.
Promoting digital payments is one of the main priorities of the government
The Minister stated that the incentive scheme helped boost digital payments in the sense that it encouraged banks to develop an efficient digital payment system and also allowed RuPay Debit Card and BHIM UPI as digital payment methods that are low-cost across all regions and sectors of society. In more detail, the Minister said banks are taking advantage of modern digital technologies to offer advanced and secure banking services to their customers in a digital mode. Alongside this, the advancement of digital payment is a top priority of the government to ensure seamless and hassle-free bank transactions for all citizens of the nation.
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