The trend of digital transactions is increasing rapidly in the country. In digital transactions, any person can easily send money anywhere in the world through mobile, laptop or computer. Its ease has made it very popular in India in a very short time. According to the Ministry of Electronics and Information Technology, a record 7422 crore transactions have taken place in the country till February 28 in this financial year. Which is about 33 percent more than the previous financial year.
Growing trend of digital payments: In the era of Corona, digital transactions gave a lot of convenience to people, people could easily pay each other without contact with each other. Talking about the last two years, the data of the Ministry of Electronics and Information Technology also shows the same. In the financial year 2019-20, there were 3,134 crore digital transactions in the country, whose number increased to 5,554 crore in the financial year 2020-21.
The biggest contribution to the promotion of digital payments has been given by the Bharat Interface for Money-Unified Payments Interface (BHIM-UPI) launched by the Government of India in 2016, which is seeing a growth of more than 100 percent year on year. Till February 28 this financial year, digital transactions worth Rs 452.75 crore have been done through BHIM-UPI, valued at Rs 8.27 lakh crore.
UPI in feature phones too: On March 8 this month, RBI launched the ‘UPI123pay’ service. With the help of this service, UPI, which till now worked only in smartphones, will now work in small feature phones as well.