Team Blitz India
NEW DELHI: Digital payments have significantly increased in recent years, as a result of coordinated efforts of the Government with all stakeholders. The total digital payment transactions volume increased 45 per cent from FY 2018 to 2023, stated Union Minister of state for finance, Bhagwat Kisanrao Karad in the Rajya Sabha.
The minister said that, “during current FY 2023-24, digital payments transactions have reached 11,660 crore till 11.12.2023.”
The Minister gave details of the progress made in the number of digital payment transactions during the last six years.
On the question of various digital payment products which span from retail to wholesale payments, the Minister stated that for wholesale payments, there is Real Time Gross Settlement (RTGS) payment system, and, for retail payments, the payment products are Unified Payments Interface (UPI)
The other payments are National Electronic Fund Transfer (NEFT), Immediate Payment Service (IMPS), Credit and Debit cards, Prepaid Payment Instruments, National Automated Clearing House (NACH), Aadhaar enabled Payment Service (AePS) (Fund Transfers), BHIM Aadhaar Pay, and National Electronic Toll Collection (NETC) (linked to bank account).
