Digital Payment Transactions Skyrocket in India, Crosses 10,998 Crore in FY2023-24

In a significant milestone, India witnessed a remarkable surge in digital payment transactions in the fiscal year 2023-24. Dr. Bhagwat Kisanrao Karad, The Union Minister of State for Finance, highlighted this achievement in response to a question in the Lok Sabha. According to the Minister, the total volume of digital payment transactions surged from 2,071 crore in the fiscal year 2017-18 to an impressive 13,462 crore in the fiscal year 2022-23, reflecting a compounded annual growth rate (CAGR) of 45%. As of November 27, 2023, the current financial year has already witnessed a staggering 10,998 crore digital payment transactions.

The Government's concerted efforts, in collaboration with various stakeholders, were acknowledged by Dr. Karad as a driving force behind this surge. The initiatives implemented to promote digital transactions include incentive schemes for RuPay Debit cards and low-value BHIM-UPI transactions, advisories to enhance payment acceptance infrastructure, and the allocation of digital payment transaction and merchant acquisition targets to both public and private sector banks.

Moreover, the Pradhan Mantri Gramin Digital Saksharta Abhiyaan (PMGDISHA) was launched to boost digital literacy in rural India, complemented by promotional activities involving digital payment stakeholders and Law Enforcement Agencies (LEAs). In the realm of digital literacy, the Reserve Bank of India (RBI) plays a pivotal role, conducting financial literacy camps, disseminating financial awareness messages, and executing multi-channel public awareness media campaigns.

Addressing concerns about cybercrimes, Dr. Karad emphasized the collaborative approach between the Central Government and State Governments. While States/UTs take the lead in prevention, detection, and investigation of cybercrimes through their LEAs, the Central Government supports these efforts with advisories and financial assistance under various schemes.