Quick Summary
88% growth in volume of digital transactions during last 3 years since 2018-19 With over 22 billion transactions in FY 2020-21, UPI emerges as favourite digital payment choice As a result of the initiatives taken by the Government, there has been a paradigm shift in digital transactions in India. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Rajya Sabha. The Minster stated that the paradigm shift is reflected in
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
FAQ :
UPI handled over 22 billion transactions in the financial year 2020-21.
There has been an 88% growth in the volume of digital transactions during the last three financial years since 2018-19.
The government is promoting digital transactions through various programs, including issuing RuPay debit cards to Jan-Dhan account holders and creating awareness about digital payments in rural areas.
The Unique Identification Authority of India (UIDAI) provides authentication services using biometric, One Time Pin (OTP), and demographic methods, which can be used in single or multi-factor modes to prevent fraud.
NPCI, India's payment platform, facilitates UPI transactions and also supports RuPay debit and credit cards for both domestic and international payments through its network partners and tie-ups.
CAclubindia
