1. Digital payments to rise by 80 per cent in value; Boost attributed to demonetisation

Digital payments to rise by 80 per cent in value; Boost attributed to demonetisation

Even though the disruption of cash flow caused by demonetisation was restored early year, the volume of digital transaction rose in March and April - Rupees 156 crore in both months and thereafter maintained a steady monthly average of Rupees 136-138 crore with value on the rise.

By: | New Delhi | Published: November 4, 2017 11:16 AM
BHIM, UPI, e-payment India, e-payment 2016-2017, e-payment 2017, e-payment 2015, e-filing 2015, demonetisation e-payment, demonetisation Modi, demonetisation digital payment, demonetisation, GST, GST e-filing, online payment, jan-dhan-aadhaar mobile, jan dhan mobile linking, direct benefit transfer demonetisation, direc benefit transfer e-payment, IMPS, e-wallet, debit card e-payment Value of digital transactions across the country has increased by 80% with total amount expected to reach Rupees 1,800 crore in 2017-2018.

Value of digital transactions across the country has increased by 80% with the total amount expected to reach Rupees 1,800 crore in 2017-2018, official data suggests. The increase in the use of digital mode has been attributed to the boost provided by demonetisation, according to a report by The Times Of India. The value of digital payments till October this year was at Rupees 1,000 crore, nearly equal to the value for entire 2016-2017. According to the Ministry of Information Technology, digital payments registered Rs 136-138 crore on an average from June-August keeping on the trend from the beginning of the year.

Even though the disruption of cash flow caused by demonetisation was restored early year, the volume of digital transaction rose in March and April – Rupees 156 crore in both months and thereafter maintained a steady monthly average of Rupees 136-138 crore with value on the rise. Data from the finance committee of the Parliament reflect significant increases, since Prime Minister Modi announced demonetisation, in digital transactions across all platforms – UPI, BHIM, IMPS, M-wallet and debit cards. Digital progress in establishing the “Jan-Dhan-Aadhaar-Mobile Trinity’ has been successful to a certain extent as 118 crore mobile phones, similar number of Aadhaar cards and 31 crore Jan Dhan accounts could be linked.

In terms of usage of digital platforms in government works, there has been a significant improvement as 72 lakh registered entities filed GST (Goods and Services Tax) that saw 100 per cent increase in online filing. In 2016-2017, e-filing of income tax returns rose by 23 per cent as compared to 2015-2016. According to the report, the government report added, “Since November 2016, there has been a 221% increase in volume of transactions and 118% increase in value of transactions in the non-tax receipt portal.” the government has also said that direct benefit transfer (DBT) has resulted in savings of Rupees 57,029 crore up to 2016-2017.

E-toll payments has also seen significant increase from Rupees 88 crore in 2016 to Rupees 275 crore in August 2017. The volume of value of BHIM-UPI payments also increased from Rupees 101 crore in November, 2016 to Rupees 7,057 crore in October, 2017.

 

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