Digital payment transactions jump to 244 cr in Aug 2018

The number of digital payment transactions in India touched 244.81 crore in August 2018, more than three-fold rise from October 2016, underlining the massive adoption of digital payment modes over the last two years.

The statement by the Ministry of Electronics and Information Technology said in New Delhi that New payment modes, BHIM-UPI, AePS and NETC have transformed digital payment ecosystem by increasing Person to Person (P2P) as well as Person to Merchant (P2M) payments.

It said the number of digital payment transactions zoomed 207 per cent to 244.81 crore in August 2018 as compared to 79.67 crore in October 2016.

Total value of such transactions, which stood at 108.7 lakh crore rupees in October 2016, increased 88 per cent to 204.86 lakh crore rupees in August 2018.

The statement said that existing payment modes such as debit cards, credit cards, Immediate Payment Service (IMPS) and Pre Paid Instruments(PPI) have registered substantial growth as well.

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