Speed Post News Network
New Delhi : Over the past two years, Digital payment transactions have registered tremendous growth in India. New payment modes – 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.
At the same time, existing payment modes such as debit cards, credit cards, Immediate Payment Service (IMPS) and Pre Paid Instruments(PPI) have registered substantial growth. With exponential growth, new payment modes have also emerged as a convenient alternative to existing payment modes like debit cards, credit cards, IMPS and PPI. For the first time, the number of monthly transactions under BHIM-UPI during September 2018 surpassed those of any other existing payment mode.
The number of digital payment transactions in the month of October 2016 was Rs 79.67 crore. This increased by 207% to Rs 244.81 crore in August 2018. Total value of transactions in October 2016 was Rs.108.7 lakh crore which increased by 88% to Rs 204.86 lakh Crore in August 2018.
In October 2016, the number of transactions on BHIM-UPI was 1.031 lakh with a value of Rs 48 crore, which increased to 48.236 crore transactions with a value of Rs 74,978.27 crore in October 2018, according to a PIB release.