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India's digital payment transactions have continued to witness a spike in the past five years. Modes of digital payment, such as Bharat Interface for Money-Unified Payments Interface (BHIM-UPI), Immediate Payment Service (IMPS), pre-paid payment instruments (PPIs), and the National Electronic Toll Collection (NETC) system have registered substantial growth and have transformed digital payment ecosystem.

According to the latest data by the Ministry of Electronics and IT, the country has clocked as many as 3,270 crores of digital transactions between April-July 24 this year. The digital payment transaction in FY2019-20 was 4,572 crore, in FY2020-21, it was 5,554 crore and in FY2021-22, it was 8,840 crore, respectively.

Further, digital transactions of 566 lakh crore have been done in FY 2022-23, the ministry informed.

The total value of digital transactions was 2,953 lakh crore (FY2019-20); 3,000 lkah crore (FY2020-21), and 3,021 lakh crore (FY2021-22), respectively.

"The digital payment landscape in India has been transformed. Indian consumers have displayed great affinity to digital technology, leading to rapid growth in digital payment infrastructure," MeitY said in a statement.

Yesterday, Prime Minister Narendra Modi has lauded the outstanding accomplishment of 6 billion UPI transactions in July, the highest ever since 2016.

Unified Payments Interface (UPI) clocked over 6 billion transactions in July: the highest ever by India's flagship digital payments platform since its inception in 2016.

UPI reported 6.28 billion transactions amounting to 10.62 trillion, according to data released by the National Payments Corporation of India (NPCI), which operates the platform.

As per the NPCI data, month-on-month, the volume of transactions was up 7.16% and the value increased by 4.76%. Year-on-year (YoY), the volume of transactions nearly doubled while the value of transactions was up 75%.

Bharat Interface for Money-Unified Payments Interface (BHIM-UPI) has emerged as the preferred payment mode of the citizens and has achieved a record of 452.75 crore digital payment transactions with the value of 8.27 lakh crore by February 28, 2022.

In March 2022, the Ministry of Electronics and IT informed that Digital Payments transactions have been steadily increasing over the last few years, as a part of the Government of India's strategy to digitize the financial sector and economy.

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