Digital payments hit Rs 143 lakh crore in October 2017: IT Minister

The total value of digital payments stood at Rs 143.1 lakh crore in October 2017.

  • Published: January 6, 2018 10:09 AM IST

Digital payments to the tune of Rs 143 lakh crore were made in October 2017 through 153-crore transactions, Parliament was informed.

“The digital payment transactions have got a major boost and increased from 91 crore in November 2016 to 153 crore in the October 2017,” Minister of State for Electronics and IT Alphons Kannanthanam said in a written reply to the Rajya Sabha.

As per data shared by the minister, the total value of digital payments stood at Rs 143.1 lakh crore in October 2017. The thirteen-month data, starting October 2016, shared by Kannanthanam showed digital payments spiked to Rs 172.6 lakh crore in March 2017 from Rs 108 lakh crore in February and then dipped to Rs 133.8 lakh crore in April last year.

The total value of transactions fluctuated in the range of Rs 133.8 lakh crore and 139.9 lakh crore during April-August 2017 and then moved up to Rs 155.2 lakh crore in September 2017.

“…there has been a steady rise in the value of payment transactions that are happening through digital modes. This adds to more number of transactions being recorded and transparent thereby leading to a less-cash economy. It is expected that the rising volume and value of electronic transactions will play a role in reducing black economy,” Kannanthanam said.

This is published unedited from the PTI feed.

  • Published Date: January 6, 2018 10:09 AM IST