New Delhi: Efforts by the government and the Reserve Bank to transform the Indian economy into a digital economy are coming to fruition. In the last five years, the number of digital payments in the country has grown by 55.1 per cent per annum. This is according to the Reserve Bank data. The increase was from the 2015-16 fiscal year to the 2019-20 fiscal year. As of March 2016, the number of digital payments in the country was 543.41 crore. As of March 2020, the number has risen to 3,938.59. This means that the number of transactions has increased by 55.1 per cent per annum in the last five financial years.
Similarly, in terms of price, the annual growth rate of digital payments is 15.2 percent. In March 2017, the country’s digital transactions stood at Rs 620.36 lakh crore. However, by March 2020, the turnover had reached Rs 1,823.05 lakh crore. Compared to the 2015-16 financial year, the number of digital transactions increased from Rs 543.41 crore to Rs 620.34 lakh crore in the 2017-18 financial year. Similarly, in terms of value, the amount touched Rs 1,120.8 lakh crore. In the 2016-17 financial year, the number and amount of digital transactions in the country increased to Rs 1,454.01 crore and Rs 137.8 lakh crore, respectively. During the financial year 2017-18, it increased to Rs 2,343.60 crore and Rs 1,633.52 lakh crore, respectively. However, the number of digital transactions has increased in the 2019-20 financial year. This number has risen to Rs 3,634.59 crore. However, in terms of value, it has declined to Rs 1,823.05 lakh crore. As a result, digital transactions are said to have declined. However, the five-year deal saw a 55.1 per cent increase in digital payments and a 15.2 per cent increase in turnover, according to the RBI report.
