DIGITAL TRANSACTIONS IN INDIA

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When India's first digital  transaction was started? 

" In 1996, Industrial Credit and Investment Corporation of India (ICICI) introduced online banking services in India, by using electronic banking at its branches. Later in 1999, banks such as HDFC, IndusInd, and Citi launched online banking facilities"

Source: https://www.ibef.org/research/case-study/digital-payments-and-their-impact-on-the-indian-economy#:~:text=In%201996%2C%20Industrial%20Credit%20and,Citi%20launched%20online%20banking%20facilities.

How many digital transactions are there in India?

In Q2 2022, UPI clocked over 17.4 billion transactions in volume and Rs 30.4 trillion in terms of value. Transactions volume and value have seen an increase about 118 per cent increase in volume and over 98 per cent increase in value in Q2 2022 as compared to Q2 2021.

04-Oct-2022 

Source: https://economictimes.indiatimes.com/industry/banking/finance/india-saw-20-5-bn-online-transactions-worth-rs-36-trillion-in-q2/articleshow/94638319.cms&ved=2ahUKEwiwroLQh7z7AhV65XMBHcv4Cj8QFnoECAsQBQ&usg=AOvVaw076TxywN2cxX4jLnRnq-EQ

What percentage of transactions are digital in India?

40 percent

The Phone Pe report said 40 percent of all transactions in India are digital and payments worth $3 trillion were processed by digital instruments in 2021, excluding financial services, corporate business and government transactions. 29-Jul-2022

https://www.moneycontrol.com/news/business/banks/digital-payments-in-india-to-reach-saturation-point-by-fy27-clsa-8918181.html&ved=2ahUKEwiwroLQh7z7AhV65XMBHcv4Cj8QFnoECA4QBQ&usg=AOvVaw2mzbXLO9aA5mMQ2hx5NmjQ

What is digital transaction India?

A recent report by PhonePe and Boston Consulting Group said India's digital payments market will more than triple from $3 trillion to $10 trillion by 2026. Digital payments (non-cash) will constitute nearly 65 per cent of all payments by 2026 i.e., 2 out of 3 transactions (by value) will be digital.

15-Aug-2022

Source: https://wap.business-standard.com/article/current-affairs/india-leads-the-world-in-real-time-digital-payments-says-pm-modi-122081500622_1.html&ved=2ahUKEwiwroLQh7z7AhV65XMBHcv4Cj8QFnoECAwQBQ&usg=AOvVaw0nIe5OPf9vcs6BbJymHATF

When did digital payment start in India?

The UPI network's genesis traces back even further, to 2006, when the RBI and Indian Banks' Association jointly formed the National Payments Corporation of India (NPCI). 

Source: https://www.imf.org/en/Publications/fandd/issues/2022/09/Digital-Journeys-India-embraces-mobile-money-Kearns-Mathew&ved=2ahUKEwihkvXUh7z7AhWkA7cAHU00CDUQFnoECAMQBQ&usg=AOvVaw191IpvEKg5rjFx1s2fiJ6J

Who started digital payment in India?

UPI: Revolutionizing Digital Payments


Launched in 2016, it has emerged as one of the most popular tools in the country for carrying out digital transactions. UPI is an instant payment system developed by the National Payments Corporation of India (NPCI).03-Oct-2022

Source: https://pib.gov.in/FeaturesDeatils.aspx%3FNoteId%3D151163%26ModuleId%3D2&ved=2ahUKEwis-9-gibz7AhUMUGwGHd1oBTIQFnoECAYQBQ&usg=AOvVaw0zHOcjtZ2RHHWArItiNbuS

Which was the first digital payment app in India?

PhonePe is an Indian digital payments and financial technology company headquartered in Bengaluru, Karnataka, India. PhonePe was founded in December 2015, by Sameer Nigam, Rahul Chari and Burzin Engineer.

Source: https://en.m.wikipedia.org/wiki/PhonePe&ved=2ahUKEwis-9-gibz7AhUMUGwGHd1oBTIQFnoECAQQBQ&usg=AOvVaw2z_TQUqM23mz_Nh-fa_uZ-

Which state of India topped in the number of digital transactions?

The union territory of Chandigarh had the highest number of per capita digital payment transactions of all Indian states and territories at over 38.

Number of digital payment transactions per capita in India in 2021, by state

Source: https://www.statista.com/statistics/1243042/india-digital-payments-volume-per-capita-by-state/&ved=2ahUKEwiK39ukibz7AhW6R2wGHZx2CKQQFnoECAMQBQ&usg=AOvVaw3t0xsRhtmNDimwjLmg5z81

Which country is No 1 in digital transaction?

India, which is driving the global digital economy, has already clocked about 70 billion digital payment transactions in 2022—the highest in the world.19-Oct-2022

source: https://www.indianarrative.com/economy-news/india-tops-world-ranking-in-digital-payments-62451.html

Accordint to a survey conducted on digital payments in India in 2020, around 79 percent of the households used some form of third-party digital payment apps, like Paytm and PhonePe.
source: https://www.statista.com/statistics/1218982/india-use-of-digital-payment-methods-among-households/
 BHIM UPI
  • As it is a government supported app, it is considered more secure and most reliable cashless payment option.
  • The main feature of this app is that it works in a feature phone without internet. ...
  • It makes money transfer easy as funds can be transferred using the mobile number.
06-Jul-2022
source: https://www.paisabazaar.com/banking/upi-app-for-android/
Bhim UPI
  • Scan the QR code and pay in one go.
  • Faster and easier bill payments.
  • Recharge Internet plans.
  • Flight ticket purchasing made easy.

Karnataka Becomes India's First State To Launch Digital Payment System In Post Offices.
source: https://thelogicalindian.com/good-governance/karnataka-postal-circle-qr-35213
#vwv #viewwithvibin



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