Digital Transactions Grew Three Times Post Demonetisation


The number of digital payment transactions that took place in August was recorded at 244.81 Cr, a three-fold increase from October 2016, a Ministry of Electronics and Information Technology (MeitY) release showed.

This is  207% higher than the 79.67 Cr digital transactions recorded two years back in October, 2016, a month before the government’s demonetisation drive removed INR 1000 and INR 500 currency notes.

Further, the total value of transactions stood at $2.82 Tn (INR 204.86 Lakh Cr) as of August 2018 which is a 88% jump from $1.5 Tn (INR 108.7 Lakh Cr), the government release said.

According to the IT Ministry, state-backed online payment services such as Bharat Interface for Money-Unified Payments Interface (BHIM-UPI), Aadhaar enabled Payment System (AePS) and National Electronic Toll Collection (NETC) are major factors behind popularising digital payments, helping common people and businesses transfer and receive funds quickly and securely.

While the BHIM-UPI platform recorded 48.2 Cr transactions with a value of $10.3 Bn (INR 74,978.2 Cr) in October 2018, AePS recorded 15.07 Cr transactions with a value of $812.8 Mn (INR 5,893 Cr).

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