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Digital transaction volumes up 51% in 2018-19 to Rs 3,133.5 crore: Govt

Transaction volumes in the first month of the current financial year alone stood at about 313 crore, says Ravi Shankar Prasad.

Press Trust of India  |  New Delhi 

Ravi Shankar Prasad
Ravi Shankar Prasad

in India increased to 3,133.58 crore in 2018-19, registering a growth of 51 per cent over the previous year, said the government in Parliament Thursday.

Transaction volumes in the first month of the current financial year (till April 30, 2019) alone stood at about 313 crore, said Ravi Shankar Prasad, Minister for Electronics and IT, in a written reply in Rajya Sabha.

Asked if the government is aware of the problem of friction in digital payments, the minister said: "no...There is no such friction in and transactions are increasing year on year".

The government is taking a series of steps to promote digital payments, he said adding the total in volume terms stood at 3,133.58 crore during 2018-19, up 51.35 per cent.

However, the percentage increase was lower than that clinched in the previous year, when the total were pegged at 2,070.39 crore in 2017-18.

The minister further said that at present, the government has no plans of collaborating with educational or policy institutions to come up with alternate modes of

To another question, he said that the volume of digital payment transactions done on the BHIM app has increased from 31.9 lakh in April 2017 to 154.9 lakh in June, 2019.

BHIM or Bharat Interface for Money is a mobile payment app developed by the National Payments Corporation of India based on the Unified Payments Interface (UPI).

"While the volume of transactions on BHIM app has increased during the same period, its share as a per cent of all transactions on BHIM UPI platform has come down due to overall growth in the digital payment transactions, emergence and growth of new payment service providers like Paytm, PhonePe, Google Tez, etc," the minister said.

First Published: Thu, July 18 2019. 23:16 IST