Govt. eyes 40 billion e-transactions in current fiscal |
With the target of reaching 40 billion digital transactions in the financial year ending in 2020, India`s ministry of electronics and information technology has asked SBI to come up with 7.7 billion of such transactions. The target was nearly met upto 90-95% for the year ended in 2019. As Modi-led govt is back in power, it is looking to double down on growth in digital payments and its mass adoption. Though, banks play an important role to drift the digital payments further, mobile wallets and Unified Payments Interface (UPI) are key instruments. Leading institutions like Paytm, google pay and flipkart-owned phonepe work with banks to provide services. Regulatory bodies like RBI, SEBI, IRDAI are setup to work and test new technologies to push digital payments. The digital payments estimate covers card-based payments, UPI, immediate payment service (IMPS) and digital wallets. UPI, in the last one year, has seen mercurial growth and it continues to grow even on a higher base now. In March, it saw 800 million transactions through its network even though it saw a marginal dip in volumes at almost 782 million transactions in April.
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