Digital Transactions May Touch 70 Billion This Year, To Break 2020 Record: Centre

Credits: ZeeNews 

The Logical Indian Crew

Digital Transactions May Touch 70 Billion This Year, To Break 2020 Record: Centre

In FY 2019-20, the digital transactions were 45.72 billion. This year, it has already marked 45.53 billion in the first eight months, with four months left for the financial year to end.

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Since the coronavirus pandemic hit India in 2020, it accelerated digital modes of payments. The usage of contactless payments fueled during the outbreak, and people continue to opt for digital transact financially as a safer option.

However, the volume of payments made has grown in billions and is set to reach 70 billion in the current financial year, surpassing the last year's record, News18 reported.

The central government informed this during an internal conference held on Monday, November 29. The representatives said that in the financial year 2019-20, the digital transactions were 45.72 billion. This year, it has already marked 45.53 billion in the first eight months, with four months left for the financial year to end.

The Centre said the e-Invoices accelerated the GST implementation and were a 'game-changer. It crossed a billion figure, while e-Way bills surpassed 2 billion since 2018.

The representatives said the e-Way bill reduced the transport time, abolished check posts, encouraged self-reporting, and improved tax collection and compliance, the presentation read. Among the states, Maharashtra had the highest number of e-Way bills, with 0.29 billion.

16 Different Modes Transactions

The figure is inclusive of 16 different online payment methods. Of the total, around 22.66 transactions were using the BHIM UPI mode, accounting for over 40 percent of the total transactions.

"People have got used to the ease of making digital payments and the wide acceptance of the same across merchants and online transactions," an official spoke to News18. This financial year may end with nearly 7,000 crore digital transactions, he added.

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Writer : Devyani Madaik
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Editor : Palak Agrawal
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Creatives : Devyani Madaik