Digital payment transactions have witnessed a multifold increase in the last few years, growing to 5,554 crore in FY2020-21 from 1,004 crore in FY2016-17, Parliament was informed on Wednesday.
The number of digital transactions stood at 4,683 crore in the ongoing fiscal till mid-November, Minister of State for Electronics and IT Rajeev Chandrasekhar said in a written reply to the Lok Sabha.
“Digital Payments transactions have been steadily increasing since last few years. Over the past four years, digital payment transactions have grown multifold from 1,004 crore in FY2016-17 to 5,554 crore in FY2020-21. State/UT-wise transaction details are not maintained,” he added.
The Minister said number of digital transactions stood at 3,134 crore (FY19), 4,572 crore (FY20), 5,554 (FY21) crore and 4,683 crore (FY22 till mid November).
Citing a report by the Reserve Bank of India, Chandrasekhar said India has a strong regulatory system and robust large value and retail payment systems that have contributed to the rapid growth in the volume of transactions in these payment systems.
There has been a substantial growth in e-payments by Government and also in digital infrastructure in terms of mobile networks, the report said.
The report emphasises the need to undertake further efforts to bring down the volume of paper clearing and increase acceptance infrastructure to enhance digital payments in India, it added.
In response to a separate question, Chandrasekhar said the Ministry of Electronics and IT (MeitY) had rolled out Digital Village project on pilot basis in 700 villages (with atleast one Gram Panchayat or Village per district per State/UT) in October, 2018 for delivery of various citizen centric services viz education and health, skill and financial inclusion, and solar lights.