Government of India has taken several initiatives to promote digital transactions across the country. There has been a significant increase in the usage of the digital payments across the country since 2016. Compound annual growth rate of 75.88% has been seen in transaction of digital payments in India during 2016-17 to 2018-19.
The number of digital payment transactions was 1013 crore in India during 2016-17. It has increased by 104.38% during 2017-18 above 2016-17. In absolute term the increase was 1057.39 crore in 2017-18 versus 2016-17. We have observed annual growth of 51.35% in transaction of digital payments to 3133.58 crore during 2018-19 against 2070.39 crore during 2017-18. In absolute term the increase was 1063.19 crore in 2018-19 above 2017-18. The number of digital payment transactions in India was 975.98 crore during 2019-20 (till 11th July 2019).
Note: Source: RAJYA SABHA SESSION – 249 STARRED QUESTION NO. 351; NA: Not Available.
Resource Title: Digital Payment Transactions from 2016-17 to 2018-19 (From : Ministry of Electronics and Information Technology)