digital transactions: Digital transactions up 33% to Rs 7,422 crore in fiscal 2022, says MeitY

Bangalore: The Ministry of Electronics and Information Technology (MeitY) on Wednesday said digital transactions worth Rs 7,422 crore have been done in the current financial year (FY22) till February 28. This is a jump of 33% from the entire FY21, when digital transactions were conducted costing Rs 5,554 crore. In FY19 this number was Rs 3,134 crore.

“As a part of the Government of India’s strategy to digitize the financial sector and economy, there has been a steady increase in digital payment transactions over the past few years… Several steps have been taken to do this. ,” the ministry said.

MeitY also touched upon the development of Unified Payments Interface (UPI), calling it “the preferred payment mode of citizens”. It said that UPI has done 452.75 crore transactions worth Rs 8.27 lakh crore in FY22 (till February 28).

“The COVID-19 pandemic has established that digital payments enable healthcare as well as conform to the ‘new normal’ of social distancing through contactless payment modes such as BHIM-UPI QR codes,” said MeitY.

MeitY also said that it has taken several initiatives to create awareness about digital payments in remote parts of the country to boost India’s digital economy.

“MeitY has launched ‘Pradhan Mantri Gramin Digital Saksharta Abhiyan’ (PMGDISHA) to usher in digital literacy in rural India by covering six crore rural households (one person per family) by March 31, 2023. MeitY has launched all banks. and has advised payment service providers to conduct awareness campaigns to promote secure payment practices and create information security awareness,” the ministry said.

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