Thursday, 29 February 2024



LATEST NEWS Mann Government on spree to promote Punjab's cultural heritage and tourism: Chetan Singh Jouramajra State Government's Efforts To Restore Punjab's Lost Glory In Sports Begin To Bear Fruit Toursim Minister Anmol Gagan Mann Congratulates Officials For Getting Entry In Guinness Book Of World Records Bhagwant Singh Mann gives bonanza of development projects worth Rs 283 crore to Jalandhar residents Punjab Expands Affordable Sand Access with New Public Mining Sites Punjab Ministers Meet with Palledar Union to Discuss Workers' Upliftment Bhagwant Singh Mann Modernizes Police and Launches Road Safety Initiative TN NMMS Result 2024 Live: DGE Tamil Nadu Scholarship Result Link, Class 8 Merit List PEC's Class of 1981 Reunites at Their Alma Mater Kiku Sharda Net Worth 2024: Financial Journey From Constable Gulgule to Comedy Powerhouse CGC Landran Celebrates National Science Day with a Focus on Indigenous Technology Chairperson DDC Ramban launches construction work of NABARD funded Road Director Agriculture Chowdhury Mohammad Iqbal inaugurates 3rd phase of Vegetable Seedling distribution at Kitchen Garden Lalmandi Weekly Block Diwas held at Shiva Sopore Mega Block Diwas held at 3 Blocks of Kulgam District Admin Ganderbal organizes mega Block Diwas at Gund DC Shopian Faz Lul Haseeb flags-off farmers’ tour for capacity building under HADP Vigilance Bureau nabs Technical Asistant of revenue dept for taking Rs 35,000 bribe Punjab Mandi Board's Annual Budget of INR 1146 Crores Passed ACCA India Felicitates New Members and Global Rank Holders Tips for Managing Teeth Sensitivity


The Era Of Digital Payments In India: Has the country surpassed the world?

Listen to this article

5 Dariya News

20 Apr 2022

Digital payments in India have risen by a huge margin. Contributing factors include the penetration of smartphones, cheap Internet plans, the introduction of top-notch payment products, support of the Government, and the combination of no-frill bank accounts, the Aadhaar card and mobile connections. During the pandemic, digital payment applications have seen increased usage because people were confined to their homes and had to order necessities from online platforms that only accepted digital payments. Certain shops and restaurants had also introduced a no-cash policy during the COVID-19 pandemic so as to minimize contact. 

According to the Ministry of Electronics and IT, the total volume of digital and online payments in the country increased by 33% year-on-year during the financial year 2021-2022. During this period, 7,422 crore digital payment transactions were recorded.The National Payments Corporation of India's unified payment interface (UPI) emerged as the most used digital transaction platform, with a total of 452.75 crore transactions having a value of 8.27 lakh crore, until the end of February.

India registered over 25.5 billion real-time payment transactions in the year 2020. This is the highest in the world and about 60% higher than in China.Applications like PhonePe, BharatPe, Paytm, and Google Pay have surpassed other digital payment mediums of the likes of credit and debit cards.As India takes a large stride in terms of digital payments, it is anticipated that this network of users of online payments will only expand in the coming years. And why wouldn't it? Digital payments are instantaneous and leave traditional modes like cheques trailing behind. It is easier to maintain transparency in transactions and reconcile them with greater accuracy. Additionally, digital payments offer high security and a low risk of theft. And they're contactless - something that is important during these times.


Tags: Yar Mohammad Khan , Yaru Juneja , Digital Payments In India , Digital Payments , National Payments Corporation of India , Unified Payment Interface , UPI



related news




Photo Gallery



Video Gallery



5 Dariya News RNI Code: PUNMUL/2011/49000
© 2011-2024 | 5 Dariya News | All Rights Reserved
Powered by: CDS PVT LTD