Digital transactions gain momentum, shows RBI data
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Digital transactions have gained momentum after the 8 November demonetisation of high-value currency notes, as the government actively promotes cashless transactions to reach its target of 25 billion digital transactions in 2017-18, data from the Reserve Bank of India (RBI) shows.
The rapid adoption of Unified Payments Interface(UPI), a payment system which facilitates instant fund transfer between two bank accounts on a mobile platform, has helped these efforts.
The charts below show the volume and value of digital transactions in India since the demonetisation exercise.