Digital transactions have surged in the range of 400-1,000 per cent since November 8 when government announced discontinuation of old Rs 500/1000 notes, Law and IT Minister Ravi Shankar Prasad said today.
Digital transactions have surged in the range of 400-1,000 per cent since November 8 when government announced discontinuation of old Rs 500/1000 notes, Law and IT Minister Ravi Shankar Prasad said today. “Digital payments have increased in the range of 400 to 1,000 per cent since November 8. This figure does not include transactions done through Master and Visa cards,” Prasad said while inauguration a new TV channel and a website to educate people about digital payments.
The minister launched free-to-air channel DigiShala which will be available on Doordarshan’s DTH platform and ‘CashlessIndia’ website to educate people about digital transactions.
“The Doorsdarshan platform is being used by over 2 crore people specially in rural India. Indian learn technology with passion and increased digital transactions reflect this. From this, it can be understood how fast digital transactions will grow if we educate people,” Prasad said.
He said that transactions on e-wallets have increased from 17 lakh per day to 63 lakh per day and value of transactions has increased from Rs 52 crore to Rs 191 crore.
The minister said that volume of transactions using Rupay card has increased from 3.85 lakh per day to 16 lakh per day and value from Rs 39.17 crore to Rs 236 crore, UPI transactions volume up from 3721 per day to 48000 per day and value Rs 1.93 crore to Rs 15 crore.
“With digital transactions money will come into system, it will be accountable, generate tax and develop country’s economy. When money will come in to bank then government will be able to come up with better welfare schemes,” he said.
“The issue is not that Rs 400 crore is involved in terror funding. If a terrorist uses just Rs 5 crore for an attack in place like Mumbai then the damage will be of over Rs 1000 crore,” Prasad said.
Minister of State for Law and IT P P Choudhary said that digital payments are important for making society free from corruption and control flow of black money.
The minister said volume of transactions through Point of Sales machines have increased from 15.2 lakh per day to 98.1 crore and in value terms it is up from Rs 112 crore to Rs 1,751 crore.
“Finance Minister yesterday announced that more POS will be made available in rural area,” Prasad said.
He said that transaction through new USSD platform, which is useful for feature phone users has seen uptake from 97 transactions in a day to 1263 per day and total amount transacted through has increased from 1 lakh to 14 lakh per day.
“Whenever I go for public meetings, I ask people how many of you are on Facebook. There is hardly any region where less than 80 per cent of raised hand in response. According to me, Indians first observe technology, then adopt technology, then enjoy it and in the process they become empowered,” he said.