 "Will cash disappear?")
Digital payments have witnessed an increase with 1,634.92 crore digital transactions being conducted between April-August this year, the Parliament was informed on Monday.
Digital payments have increased in the country during the last three years from 2,071 crore digital transactions in FY2017-18 to 3,134 crore in FY2018-19, and further to 4,572 crore in FY2019-20, Minister of State for Electronics and IT Sanjay Dhotre said in a written reply to the Lok Sabha.
In FY2020-21 (till August), 1,634.92 crore digital transactions were registered, he said, adding that final data for July and August 2020 has not yet been published by RBI.
Replying to a separate question, Dhotre said 306.47 crore transactions were registered in April, 329.22 crore in May and 412.14 crore in the month of June this year.
"In the wake of COVID-19 pandemic, digital payments have increased as people are adopting more digital payments as these are easy, convenient and safe and enable a contactless mode of payment," Dhotre said.
He added that there was an overall dip in digital payments in April and May 2020 as compared to March 2020 due to imposition of lockdown as a measure to contain the spread of the pandemic.
"Thereafter, digital payments have witnessed an increase with unlock since June 2020," he noted.
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