Making things feasible and accessible for the common man has given a major boost to get work done quickly. With economy taking a giant leap of victory, the year 2018 has outshined to be a great year for digital transactions with tremendous growth. Underlining a massive adoption of digital payment modes over last two years, the number of digital payment transactions in India touched 244.81 crore in August 2018, more than three-fold rise from October 2016.
New payment modes like 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 data notifies that the number of digital payment transactions zoomed 207% to 244.81 crore in August 2018 as compared to 79.67 crore in October 2016. Total value of such transactions, which stood at 108.7 lakh crore rupees in October 2016, increased 88% to 204.86 lakh crore rupees in August 2018.
The Ministry of Electronic and Information Technology stated that the existing payment modes such as debit cards, credit cards, Immediate Payment Service (IMPS) and Pre Paid Instruments(PPI) have registered substantial growth as well.
When PM Modi slated Digital India before the 125 crore masses, things took a major turn of transforming India. People are using ways to go cashless and this has given the digital transaction a major boost in increasing the country’s economy as well. Seeping in the roots and interiors of the country, digitalization has injected its progressive needs for the people.