India’s Digital Payments In December More Than Total of US, UK, Germany and France: Ashwini Vaishnaw

India’s digital payments transactions in December 2022 were more than the combined digital payments of four big economies — US, UK, Germany and France, Union IT Minister Ashwini Vaishnaw said.

“In last December 2022, the digital payments transaction amounted to $1.5 trillion on an annualised basis. If you combine the total (such) transactions in US, UK, Germany and France, and multiply by four, it’s ($1.5 trillion) more than that,” Vaishnaw said at the World Economic Forum in Davos.

In the third quarter of FY23, India logged 23.06 billion digital transactions worth Rs 38.3 lakh crore, according to the recent Worldline India’s ‘Digital Payments Report’. It added that these digital transactions include payment done by unified payments interface (UPI), debit and credit cards, prepaid payment instruments like mobile wallets, and prepaid cards.

The UPI-related transactions clocked over 19.65 billion transactions in volume and Rs 32.5 lakh crore in terms of value. The UPI transactions volume and value almost doubled since last year as it recorded about an 88 per cent increase in volume and over 71 per cent increase in value in Q3 as compared to the same quarter last year.

In December alone, UPI achieved a record of 782.9 crore digital payment transactions with a value of Rs 12.82 lakh crore.

The finance ministry recently said incentives paid by the government to banks for promoting RuPay debit cards and low-value BHIM-UPI transactions will not attract GST. Last week, the Cabinet cleared a Rs 2,600-crore incentive scheme for banks to promote RuPay debit cards and low-value BHIM-UPI transactions in the current fiscal.

(With Inputs From Agencies)

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