Digital Transactions increased by 33% in Fiscal 2022

On Wednesday, The Ministry of Electronics and Information Technology (MeitY) informed that the digital transactions in the country have increased by 33% in the current fiscal year i.e FY 2022. The Ministry informed that as of February 28, 7,422 crore digital transactions were done this year in the country compared to 5,554 crore digital transactions which were recorded in the last fiscal year- FY21. The Ministry in its statement said: “Digital payment transactions have been steadily increasing over the past few years, as a part of Government of India’s strategy to digitize the financial sector and economy. Reserve Bank of India (RBI) has taken various steps to enhance the security of digital transactions and reduce fraud.” Ministry of Electronics and Information Technology also emphasized the growth of the Unified Payments Interface (UPI). It said that UPI is the “preferred payment mode of citizens”. UPI registered 452.75 crore transactions worth Rs 8.27 lakh crore in FY22. MeitY Further stated: “Covid-19 pandemic has established that digital payments enable access to healthcare as well through contactless payment modes like BHIM-UPI QR codes in consonance with the ‘new normal’ of social distancing.”