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Digital Payments: Demonetisation to power 80% rise in digital payments, may hit Rs 1,800 crore in 2017-18

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NEW DELHI: Official statistics indicate an 80% increase in the value of digital transactions in 2017-18, with the total amount expected to touch Rs 1,800 crore in the wake of the impetus provided by demonetisation.

The value of digital transactions till October this year, at Rs 1,000 crore, was nearly equal to that for the whole of 2016-17. It was a continuation of a trend, with June, July and August registering Rs 136-138 crore transactions on an average, according to the ministry of information technology.

Interestingly, the volume of digital transactions rose in March and April (Rs 156 crore in both months) when the effects of demonetisation in terms of lack of cash had begun to wear off. Thereafter, the monthly average of Rs 136-138 crore indicates a steady pattern even as the value is rising.

The report, shared with the finance standing committee of Parliament, shows significant increases in average daily transactions across all platforms, such as UPI-BHIM, IMPS, M-wallet and debit cards, since November last year, when PM Modi announced demonetisation.

There has been progress in establishing the ‘Jan Dhan-Aadhaar-Mobile trinity’, with 118 crore mobiles, a similar number of Aadhaar numbers and 31 crore Jan Dhan accounts.

The report card for government receipts is also improving, with 100% online filing by 72 lakh registered entities under the goods and services tax. There has been a 23% increase in e-filing of income tax returns in 2016-17 as compared to 2015-16.

“Since November 2016, there has been a 221% increase in volume of transactions and 118% increase in value of transactions in the non-tax receipt portal,” the government said.

In close proximation to
Aadhaar architect Nandan Nilekani’s recent statement+
that the government had saved around $9 billion by eliminating frauds in benefit payments, the government said direct benefit transfer had resulted in savings of Rs 57,029 crore up to 2016-17.

There has been a big increase in e-toll payments from Rs 88 crore in January 2016 to Rs 275 crore in August 2017 but the number of tags remains low at 6 lakh till September 2017. There has been a strong growth in volume and value of BHIM-UPI transactions. The value rose from Rs 101 crore in November 2016 to Rs 7,057 crore in October 2017.

Updated: November 4, 2017 — 11:26 am

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