The Digital India campaign is gaining momentum in the country and cashless payments have become a reality. India has overtaken many developed countries in this regard. The Ministry of Electronics and IT said that on average over 90 lakh DBT (Direct Benefit Transfer) payments are processed daily (in FY 2021-22). On average 284 million digital transactions take place in a day.
India is No. 1 in DBT Payments
Minister of State for Electronics and IT Rajiv Chandrashekhar has said that India has become the world leader in digital payments and Direct Benefit Transfer (DBT) and is ready to show the way to developed countries in this direction. Even a developed country like Germany lags behind India in terms of digital DBT payments.
According to the ministry’s data, in the last financial year 2021-22, more than 90 lakh DBT payments were made daily, benefiting 9.5 crore beneficiaries. According to the ministry, an average of 284 million digital transactions are being done daily in India, which is the highest in the world. In terms of digital transactions, China is number two and America is number three.
Digital transactions worth Rs 566 lakh crore
According to the ministry, digital transactions worth Rs 566 lakh crore have been done in the current financial year. According to the data of the National Payment Corporation of India (NPCI), 6.57 billion digital transactions worth Rs 10.72 lakh crore were done through the Unified Payment Interface (UPI) in August this year, which is 4.62 percent more in the transaction term as compared to July this year.