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Demonetization effect: Digital transactions up 1,000% since November 8


21 Jun 2013
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Digital transactions have surged in the range of 400-1,000 percent since November 8 when government announced discontinuation of old Rs 500 and Rs 1,000 notes, Law and IT Minister Ravi Shankar Prasad said. “Digital payments have increased in the range of 400 to 1,000 percent since November 8. This figure does not include transactions done through Master and Visa cards,” Prasad said while inauguration a new TV channel and a website to educate people about digital payments.

The minister launched free-to-air channel DigiShala which will be available on Doordarshan’s DTH platform and ‘CashlessIndia’ website to educate people about digital transactions. “The Doordarshan platform is being used by over 2 crore people specially in rural India. Indian learn technology with passion and increased digital transactions reflect this. From this, it can be understood how fast digital transactions will grow if we educate people,” Prasad said.

He said that transactions on e-wallets have increased from 17 lakh per day to 63 lakh per day and value of transactions has increased from Rs 52 crore to Rs 191 crore. The minister said that volume of transactions using Rupay card has increased from 3.85 lakh per day to 16 lakh per day and value from Rs 39.17 crore to Rs 236 crore, UPI transactions volume up from 3721 per day to 48,000 per day and value Rs 1.93 crore to Rs 15 crore.

“With digital transactions money will come into system, it will be accountable, generate tax and develop country’s economy. When money will come in to bank then government will be able to come up with better welfare schemes,” he said.

Demonetization effect: Digital transactions up 1,000% since November 8
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