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 Ind
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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.
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