The government has said that it is exploring the use of blockchain technology proactively in an effort to promote the development of a digital economy.
The government has also highlighted that the digital payments transactions have been steadily increasing since last few years post demonetisation.
As per government estimates, the total transaction volume increased from 20.71 billion in FY2017-18 to 31.34 billion in FY2018-19, recording a growth rate of 51 per cent.
Meanwhile, during 2019-20, the number of card payment transactions carried out through credit cards and debit cards increased by 23.5 per cent and 16.1 per cent, respectively. Further, the value of transactions carried out through credit cards and debit cards increased by 21.1 per cent and 35.6 per cent to Rs 7.3 trillion and Rs 8 trillion, respectively.
