Digital transaction to touch Rs 4 crore per day this year: IT Minister Ravi Shankar Prasad

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New Delhi | Updated: March 15, 2017 6:11:22 PM

Digital transaction is growing and is expected to increase by 33 per cent to Rs 4 crore per day this year, IT Minister Ravi Shankar Prasad today said.

Digital transaction is growing and is expected to increase by 33 per cent to Rs 4 crore per day this year, IT Minister Ravi Shankar Prasad today said. (PTI)

Digital transaction is growing and is expected to increase by 33 per cent to Rs 4 crore per day this year, IT Minister Ravi Shankar Prasad today said. “Digital transaction was Rs 1.85 crore per day in 2015. It was Rs 3 crore per day in 2016. It will be Rs 4 crore this year,” Prasad said while addressing an event organised to commemorate the World Consumer Rights Day here. To encourage e-transaction, he said more common service centers (CSC) will be set up for payment of utility bills through debit or credit cards.

“We have set up 2 lakh CSC. We will take (the number) to 2.5 lakh this year,” he added. With growing number of e-transactions, Prasad said there is a dilemma how to strike a balance between maintaining privacy of data and at the same time using it for providing better service.

He was speaking on the theme ‘Consumer rights in a digital age’. Consumer Affairs Minister Ram Vilas Paswan, Minister of State for Consumer Affairs C R Choudhary, Consumer Affairs Secretary Hem Pande, Nasscom President R Chandrashekar were among others present at the event.

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Although, according to the previous reports of Reserve Bank of India (RBI), digital transactions, which gained prominence post demonetisation, have started declining with pick up in remonetisation, indicating return of people’s preference for cash. As per the latest data of the RBI, as many as 9,575 lakh transactions were made through various digital modes, like credit/debit cards, UPI (Unified Payment Interface), USSD (an innovative payment mode which does not require Internet or smart phone), and mobile banking in December last year, the second month of demonetisation effected on 9 November.

The digital transactions were valued Rs 104.05 lakh crore in December. However, the number of transactions fell to 8,704 lakh in January and further to 7,630 lakh in the following month. The value of monthly transactions too fell accordingly. Transactions through debit and credit cards on PoS at merchant establishments also declined in January and February. The transaction through the USSD, however, increased in January over December, before declining in February.

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