As per the Ministry of Electronics and Information Technology (MeitY), the digital transactions worth Rs 74.22 billion have been conducted in the current fiscal (FY22), as of February 28.
The foresaid amount is 33 per cent higher from the whole of FY’21, when digital transactions worth Rs 55.54 billion were conducted. Also, in FY’19 the value of digital transaction stood at Rs 31.34 billion.
Meanwhile, MeitY also informed that the Unified Payments Interface (UPI) clocked 4.52 billion transactions worth Rs 8.27 trillion in FY22 (as of February 28).
Further MeitY also mentioned that several initiatives have been taken to create awareness of digital payments in remote parts of the country to boost India’s digital economy. To this end it took initiatives such as ‘Pradhan Mantri Gramin Digital Saksharta Abhiyan’ (PMGDISHA) to usher in digital literacy in rural India by covering six crore rural households (one person per household) by March 31, 2023. Additionally MeitY also advised all banks and payment service providers to undertake awareness campaigns for promotion of secure payment practices and generate information security awareness.