Economic survey on digital payments

31 Jan 2022 , 03:02 PM

Finance Minister Nirmala Sitharaman has tabled the country’s Economic Survey 2021-22 today. Here is what the survey said about digital payments.

• Unified Payments Interface (UPI) is currently the single largest retail payment system in the country in terms of volume of transactions, indicating its wide acceptance
• In December 2021, 4.6 billion transactions worth Rs 8.26 lakh crore were carried out by UPI
• As per detailed transaction data of NPCI, 50% of transactions through UPI were below Rs 200
• In April-November 2021, UPI processed more than 24.26 million One Time Mandate create transaction of value Rs 44,381 crore.
• In April-December 2021, transactions worth Rs 29,349 billion have been processed on Immediate Payment Service (IMPS)
• The first use case of e-RUPI was implemented for COVID-19 vaccination program which saw more than 2.2 lakh beneficiaries being issued the voucher