Wednesday, November 8, 2017, 7:00 PM
The digital transactions across the country through Unified Payments Interface (UPI) have surged exponentially within a year of the demonetisation drive, the government informed on Wednesday. Smriti Irani said that from April to October, the number of UPI transactions increased from 3-million to 77-million. Meanwhile, the number of digital transactions increased to 138-Crore in August 2017 from 87-Crore in the corresponding period last year.
Wednesday, November 8, 2017, 4:14 PM
One year after the government annulled high-denomination currency notes and subsequently replaced them with new notes. Digital payments have increased in number and value, but fluctuate month to month. A year on, currency notes totaling Rs 16.35 lakh crore in value are in circulation (as on 27 October 2017), comprising 91 percent of the Rs 17.97 lakh crore on November 4, 2016, before demonetization.
Wednesday, November 8, 2017, 12:45 PM
During demonetisation, mobile wallets and other digital payment options witnessed a surge in volume and value of transactions. The note ban was less painful for those who were comfortable using mobile wallets or e-payment options. And for those who had start from the basics of using digital payments, found the going tough.
Wednesday, November 8, 2017, 12:42 PM
Using debit/credit cards is not just convenient but it is much safer than carrying a huge amount of cash in your pocket. Besides, you also get to avail various cash-back offers and discounts. From paying your rent to filling fuel in your car, to online shopping, plastic money offers good incentives over cash transactions.
Wednesday, November 8, 2017, 10:44 AM
Another major objective of the government achieved through demonetization was to push the Indian economy towards becoming cashless. In FY 2016-17, there were a total of 865.9 crore digital transactions across all banking platforms compared to just 254.5 crore digital transactions in FY 2013-14. The use of mobile wallets, BHIM and UPI based payments has increased giving a boost to cashless.
Wednesday, November 8, 2017, 8:38 AM
The Indian railways reported a rise of over 12% in its cashless revenue stream generated from the reserved segment of e-tickets till August, 2017 from the period of 2016-17. The massive rise in cashless revenue stream from the reserved segment category was attributed to various steps initiated by the railways, a railway ministry official said.
Wednesday, November 8, 2017, 7:03 AM
A majority of retailers are inclined to accept cashless payments while a high numbers of consumers are willing to adopt digital payments, a survey by the Centre for Digital Financial Inclusion (CDFI) and Indian Institute of Management Bangalore (IIMB) has found. The ‘Going Cashless?’ a report, released on the eve of the one year anniversary of demonetisation, said 63% of retailers are inclined to accept cashless payments.
Tuesday, November 7, 2017, 10:53 PM
Here is a major positive for the digital payments ecosystem of the country. Provisional digital transactions data released by the Reserve Bank of India showed that October saw the highest ever transaction volume at 965 million, a jump of 10% against 877 million in September. This is the highest since November last year when the central bank started reporting this number.
Tuesday, November 7, 2017, 9:59 PM
The government is working on launching the second phase of promoting digital payments from January, according to an official source. "A committee under DAVP (Directorate of Advertising and Visual Publicity) is working on plans to start promotion of digital payments from January onward," an official source told. "Information and Broadcasting ministry along with Meity (IT ministry) are involved in firming up this plan," he said.
Tuesday, November 7, 2017, 6:12 PM
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