Wednesday, 8 November 2017

Govt plans phase-2 of digital payment push from January

The government is working on launching the second phase of promoting digital
payments from January, according to an official source.
"A committee under DAVP (Directorate of Advertising and Visual Publicity) is
working on plans to start promotion of digital payments from January onward," an
official source told PTI.
"Information and Broadcasting ministry along with Meity (IT ministry) are involved
in firming up this plan," he said.
The logo and jingle are being designed and the next meeting of the DAVP panel is
expected to be held within a week to submit the plans, he said.
"There is a proposal that every ministry should come up with its plan to promote
digital payments," he added.
Since the demonetisation of high-value currency in November last year, the
government has been pushing for digital payments to move towards a less-cash
economy as well as enhance tax base.
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There was a sudden spike in the number of digital transaction with participation from
private sector firms.
As per RBI data, 933 crore electronic transactions have taken place in the country,
amounting to Rs 12.13 lakh crore, between November 2016 and September 2017.
The electronic transaction volume peaked in December 2016 to 95.75 crore. In value
terms, it peaked to Rs 1.49 lakh crore in March 2017. As per the official data, there
was 87.7 crore electronic transaction in September 2017 involving total amount of
over Rs 1.24 lakh crore.
The RBI data shows increasing trend in UPI (unique payment interface) based
transactions.
The volume of transactions on UPI increased to over 3 crore, involving Rs 5,290
crore, in September this year, from 3 lakh volume and Rs 90 crore in November last
year.
Mobile banking volume reached an all-time high in September to 8.6 crore from 7.23
crore transactions. The value declined marginally to Rs 1.12 lakh crore Rs 1.24 lakh
crore in November 2016.
There was a fluctuating trend in transaction volume and value on pre-paid instruments
like a mobile wallet. The transaction value was an all-time high in September at Rs
2,760 crore. Fluctuation has also been there in internet banking and USSD based
transactions, as per the RBI data.
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