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

Bengaluru: The Ministry of Electronics and Information Technology (MeitY) stated on Wednesday that digital transactions worth Rs 7,422 crore have been performed within the present fiscal (FY22), as of February 28. That’s 33% a leap from the entire of FY21, when digital transactions value Rs 5,554 crore had been performed. In FY19 that quantity was Rs 3,134 crore.

“Digital fee transactions have been steadily rising over the previous few years, as part of Authorities of India’s technique to digitise the monetary sector and economic system… Reserve Financial institution of India (RBI) has taken varied steps to reinforce safety of digital transactions and scale back fraud,” the ministry stated.

MeitY additionally touched upon the expansion of the Unified Funds Interface (UPI), calling it the “most well-liked fee mode of residents”. It stated UPI has clocked 452.75 crore transactions value Rs 8.27 lakh crore in FY22 (as of February 28).

“Covid-19 pandemic has established that digital funds allow entry to healthcare as nicely via contactless fee modes like BHIM-UPI QR codes in consonance with the ‘new regular’ of social distancing,” added MeitY.

MeitY additionally stated it has undertaken a number of initiatives to create consciousness of digital funds in distant components of the nation to spice up India’s digital economic system.

“MeitY has undertaken ‘Pradhan Mantri Gramin Digital Saksharta Abhiyan’ (PMGDISHA) to usher in digital literacy in rural India by protecting six crore rural households (one particular person per family) by March 31, 2023. MeitY suggested all banks and fee service suppliers to undertake consciousness campaigns for promotion of safe fee practices and generate info safety consciousness,” the ministry added.

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