284 mn digital transactions happening in a day
“India is today leading the world in digital payments in particular and also becoming pre-eminent country in use of technology to improve citizens lives and Governance – The India stack and other various digital government solutions are now envy of the world’s nations – India Leads Digital and Digital Leads India thanks to PM Narendra Modi ji’s vision”, said Union Minister of State for Electronics & Information Technology and Skill Development & Entrepreneurship, Shri Rajeev Chandrasekhar while speaking about the successful model of Digital Payments and Direct Benefit Transfer (DBT), which is benefiting millions of Indian citizens.
More than ₹24.8 lakh crore has been transferred through DBT mode since 2013, ₹6.3 lakh crore in FY 2021-22 alone; on an average >90 lakh DBT payments are processed daily (in FY 2021-22). Under the 11th installment of PM Kisan Samman Nidhi Yojana, around ₹20,000 crore was transferred directly into bank accounts of more than 10 crore beneficiaries (more than 10 crore transactions at click of a button on a single day).
As far as Digital Payments are concerned, more than 8,840 crore digital payment transactions performed during 2021-22 and nearly 3,300 crore in FY 2022-23 (upto 24th of July 2022); on average 28.4 crore digital transactions are performed in a day.
This success story of India in creation of digital assets (DBT, JAM trinity, NPCI etc) can be an example from which not only ‘developing’ but also ‘developed’ countries may learn.
