comscore India reports growth of 33 percent in digital transactions in FY22
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India made over 7,422 crore digital transactions in FY22 alone

The govt has announced that Bharat Interface for Money-Unified Payments Interface (BHIM-UPI) has emerged as the preferred payment mode

UPI

Digital payments have increased in India over the last few years, according to the latest data released by the Ministry of Electronics & IT. The govt claims that digital payment transactions have grown from 3,134 crore in FY 2018-19 to 5,554 crore in FY 2020-21. Also Read - RBI directs banks to offer cardless cash withdrawal facility at all ATMs: Here's how to use it

During the financial year FY 2021-22, a total number of 7,422 crore digital transactions have been reported till 28th February, 2022. The govt has announced that Bharat Interface for Money-Unified Payments Interface (BHIM-UPI) has emerged as the preferred payment mode of the citizens and has achieved a record of 452.75 crore digital payment transactions with the value of Rs 8.27 lakh crore till 28th February 2022. Also Read - WhatsApp will now use your 'legal name' for UPI payments: How to find out yours

MeiTY has informed that the Government of India as well as RBI have undertaken several steps to ensure safety and security of digital payments. Also Read - How to change your UPI PIN using Google Pay app

Initiatives to expand reach of digital payments

MeitY advised all Banks and Payment Service Providers to undertake awareness campaigns for promotion of secure payment practices and generate information security awareness.

RBI has also advised Banks to conduct special camps through their Financial Literacy Centres (FLCs) and tailored camps for different target groups on banking, investment products suitable for post- retirement life, estate planning tools, bank operations for old/sick/incapacitated persons, awareness on Ponzi schemes and scams etc.

Rural branches of banks are directed by RBI to conduct one camp per month covering all the messages that are part of Financial Awareness Messages (FAME) booklet.

Training programmes are also conducted by National Payments Corporation of India (NPCI), for creating awareness about financial literacy and digital payments in rural areas.

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  • Published Date: March 24, 2022 1:38 PM IST



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