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Digital transactions to touch new high in FY18, says minister

Author: IANS/Wednesday, December 13, 2017/Categories: Digital payments

Digital transactions to touch new high in FY18, says minister

New Delhi, Dec 12 - Emphasising a dramatic increase in digital transactions in the country, Minister of State for Electronics and IT K. J. Alphons on December 12 said the transactions are expected to touch 1,800 crore in the current fiscal from 1,162 crore transactions recorded between April and November.

"Digital payments transactions have increased dramatically. Like this year, up to November, we had 1,162 crore digital transactions, which is a huge record, and we hope to reach about 1,800 crore of transactions this year," the minister said at the launch of digital payment security awareness campaign organised by Data Security Council of India (DSCI).

"Even on the BHIM application for payment of money, in August we had only 1.16 crore transactions. Now that is gone up to 10.5 crore transactions in November which is an increase of like 6-7 times," he said.

Alphons pointed out that digital payment system is reaching out to the villages but it needs to reach more people.

"The entire objective is very simple -- India has to grow and the fruits of development must reach the last person out there.

"We have Aadhaar for 1.2 biliion people of India. We have now linked it to the bank accounts and the benefits which people are supposed to get are going directly to people," he added.

The new digital awareness campaign by DSCI and Google will be rolled out in five languages through online and offline channels of nine partner organisations.

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Kavita Giridhar Mallya

IANS

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