There has been a tremendous growth record in digital payment in India. MeitY (Ministry of Electronics and IT) said that in the financial year 2021-22 ended February 28, 7,422 crore digital payment transactions have been recorded, which is more than 5,554 crore transactions in the previous financial year 2020-21. In the last financial year, India has registered a year-on-year growth of 33 percent in digital payment transactions. During the Corona epidemic (COVID-19), people have become more inclined towards digital payments in India.
Due to transactions without physical touch, people started using it. Also, people started ordering everything they needed online. For this, he resorted to UPI, net banking, and card transactions. The Unified Payment Interface (UPI) of the Nation Payment Corporation of India (NCPI) was the most widely used for digital payment transactions. According to the report, 452.75 crore transactions have been recorded through UPI in the financial year 2021-22. A total of Rs 8.27 lakh crore has been transacted through this platform.
Digital payment in India Increases
This is almost double as compared to the previous financial year 2020-21. During the financial year 2020-21, 292.2 crore UPI transactions were recorded through UPI. Through this, a transaction amounting to Rs 4.25 lakh crore was registered. UPI payment app Phone Pay has been used the most. According to NPCI data, users have done 212 million digital transactions through PhonePe, which is much higher than Google Pay’s 1524 million transactions.
At the same time, the third number has been the Paytm app, through which users have done 70.67 crore transactions. Recently RBI has also launched the UPI123Pay service for feature phone users. Now feature phone users will also be able to make digital payments. According to the ACI report last year, India has left China and the US far behind in digital payment transactions.
According to the data given in this report, India’s real-time payment transactions in March 2021 are 2,550 crores, which is much higher than China’s 1,570 crores, South Korea’s 600 crores, and US 120 crores. RBI has taken important steps in the last few months to make online transactions and digital payments secure.
In September 2021, the Reserve Bank has mandated the AFA feature for credit or debit card transactions. Along with this, a national helpline has also been issued to report fraud in online transactions. Due to this, the user has started finding it more secure and convenient than before to make digital payments.