Multifold Increase Reported in Digital Payment During Current Financial Year

Digital Payment

Ministry of Electronics and Information Technology (MeitY) has informed that during current financial year FY 2021-22, the total number of 7422 crore digital transactions have been reported till 28th February, 2022.

Bharat Interface for Money-Unified Payments Interface (BHIM-UPI) has emerged as the preferred payment mode of the citizens and has achieved a record of 452.75 crore digital payment transactions with the value of Rs 8.27 lakh crore till 28th February 2022.

However, over the past four years, digital payment transactions have grown multifold from 3,134 crore in FY 2018-19 to 5,554 crore in FY 2020-21. Covid-19 pandemic has established that digital payments enable access to healthcare as well through contactless payment modes like BHIM-UPI QR code in consonance with the “new normal” of social distancing.

Further, keeping in view the safety and security, the Government of India as well as RBI have undertaken several steps to ensure safety and security of digital payments.

Click here for detailed official press release:

Knoeledge Source :

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