The Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. Promotion of digital payments has been accorded the highest priority by the Government of India to extend digital payment services to every segment in the country. The vision is to provide digital payments facilities to all citizens in a convenient, easy, affordable, quick and secured manner
Ministry of Electronics & Information Technology (MeitY), Digital Economy & Digital Payment Division has been entrusted with the responsibility of leading this initiative on “Promotion of Digital Transactions including Digital Payments”. MeitY is coordinating with multiple stakeholders including Banks, Payment Service Providers, Central Ministries/Departments and States/UTs, for promotion of digital payments across the country.
Coordinated efforts of the Government with all stakeholders have led to a significant growth in digital payments, as given below:
|
Financial Year |
2017-18 |
2018-19 |
2019-20 |
2020-21 |
2021-22 |
|
Digital Transaction Volume (in crore) |
2,071 |
3,134 |
4,572 |
5,554 |
8840 |
|
Digital Transaction Value |
1,962 |
2,482 |
2,953 |
3,000 |
3,021 |
(Source:RBI, DigiDhan Dashboard)
TOWARDS A DEVELOPED INDIA CATALYSING INCLUSIVE GROWTH THROUGH DIGITAL PAYMENTS
