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271% surge in ewallet transactions per day; UPI registers 48,238 transactions per day

rahul1117kumar

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Even as people continue to grapple with cash crunch after demonetization of old Rs 1,000 and Rs 500 currency notes, the government is also looking to use this opportunity to push users to embrace digital payment methods, and ultimately building a cashless economy. Already, there has been an exponential surge in adoption of mobile wallets and internet banking for transactions in the country. After almost one month of demonetization, NITI Aayog has come out with a report on the growth of digital payments in India.

The report says that the number of mobile wallets transactions per day has increased to 63 lakhs from 17 lakhs, a massive 271 percent surge, during the period between November 8 and December 7. RBI-backed UPI platform has also seen a similar exponential growth with per day transactions reaching to 48,328 from 3,721.

USSD-based payments have grown from 97 to 1,263 whereas the traditional PoS has surged from 50.2 lakhs to 98.1 lakhs. Transactions via Rupay cards have increased from 3.85 lakhs to 16 lakhs during the said period, suggesting more Jan Dhan account holders have started to use debit cards.

PIB India
@PIB_India
LIVE: There has been a spurt in
#DigitalPayments since #DeMonetisation : CEO,
@NITIAayog youtu.be/lq8ieqc4bSE

The steep surge in adoption of mobile wallets and other digital payment platforms isn’t very surprising. Following the demonetization move, the likes of Paytm and MobiKwik had reported huge growth innumber of transactions. One of the biggest players in mobile wallet space, Paytm revealed it had served over 45 million users within three weeks of the demonetization. On November 21, the company reported over 7 million transactions worth Rs 120 crore in one day. Later, MobiKwik and Paytm launched new features to make their platforms more accessible to non-wallet users.

Besides the data, the NITI Aayog has announced a slew of new measures to incentivize digital payments in the country. A couple of new schemes are called Lucky Grahak Yojana and DigiDhan Vyapari Yojana. The mega awards, up to Rs 1 crore, will be announced on April 14, 2017. Under the DigiDhan Vyapari Yojana, the government will give away 7,000 weekly awards with maximum award of Rs 50,000 each for merchants.

PIB India
@PIB_India
Just in: CEO, @NITIAayog announces two new schemes for incentivizing #digitalpayments
youtu.be/lq8ieqc4bSE

Under the Lucky Grahak Yojana, the National Payments Corporation of India (NPCI) will announce 15,000 winners of 1000 rupees each for next 100 days, starting December 25. The government plans to spend about Rs 340 crore to incentivize cashless schemes.

Earlier, the government had announced 10 percent discount on national highways’ toll tax payments made through RFID or FASTag procured through digital payment mode. Indian Railways also joined the drive with a new scheme allowing passengers to get a cover of up to Rs 10 lakh on booking a train ticket online by paying just 92 paise.

Demonetization: 271% surge in e-wallet transactions per day; UPI registers 48,238 transactions per day
 

Sarkar

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Need to promote more. No one here in the local market is ready to accept digital payment

 
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