Digital payments surge from 1459.02 crore in FY 2017-18 to 4371.18 crore in FY 2020-21

Last updated: 12 August 2021

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Digital payments in India have seen a significant increase, rising from 1459.02 crore transactions in the financial year 2017-18 to 4371.18 crore in FY 2020-21. This surge is attributed to the government's ongoing efforts to promote a digital payment ecosystem and a less-cash economy. The Reserve Bank of India's data highlights this substantial growth in digital transactions over the period.

It is the policy of the Government to move towards less cash economy and a digital payment ecosystem. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Lok Sabha today.

Giving more details as per weekly statistical supplement of Reserve Bank of India (RBI), the Minister stated that the Notes in Circulation (NIC) were Rs 17,74,187 crore as on 4^th November, 2016 and Rs 27,80,045 crore as on 29^th January, 2021.

Digital Payments Surge in India: FY18 to FY21 Growth

On digital payment ecosystem, the Minister stated that the total volumes of digital payments have also increased from 1459.02 crore in FY 2017-18 to 4371.18 crore in FY 2020-21 due to sustained efforts towards digitalisation.

The Minister further stated that the quantum of bank notes in the economy broadly depends on the requirement for meeting the demand for bank notes due to GDP growth, inflation, and replacement of soiled bank notes and growth in non-cash modes of payment.

FAQ :

Digital payments in India have surged significantly, with volumes increasing from 1459.02 crore in FY 2017-18 to 4371.18 crore in FY 2020-21.

The government's policy is to move towards a less-cash economy and promote a digital payment ecosystem.

The amount of bank notes in circulation is influenced by GDP growth, inflation, the need to replace soiled notes, and the growth of non-cash payment methods.

Notes in Circulation were Rs 17,74,187 crore as of 4th November 2016 and Rs 27,80,045 crore as of 29th January 2021.

The data on digital payment volumes was provided by the Reserve Bank of India (RBI) in its weekly statistical supplement.

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