Union minister Ashwini Vaishnaw on Friday stated India’s digital funds transactions final yr exceeded these of the mixed digital funds of United States, United Kingdom, Germany and France, ANI reported.
“In December 2022, the digital funds transactions amounted to $1.5 trillion annualised foundation. In case you examine complete digital transactions in US, UK, Germany and France and mix them, India’s figures are greater than that”, the minister stated on the World Financial Discussion board summit in Davos.
In current occasions, digital type of funds have elevated within the nation. The preferred types of digital funds are Bharat Interface for Cash-Unified Funds Interface (BHIM-UPI) and Rapid Funds Service (IMPC). UPI has emerged as the popular mode of fee for customers.
In December final yr, the UPI funds hit a document excessive of ₹12.82 lakh crore. Throughout the identical month, a complete of 782 crore transactions had been carried out, PTI reported.
That is greater than October’s tally when the digital funds by way of UPI had hit the ₹12 lakh crore mark. In November, as many as 730.9 crore transactions price ₹11.90 lakh crore had taken place by way of UPI.
In easy phrases, UPI is an immediate real-time fee system which helps inter-bank transactions. This transaction is carried out by way of cellular in simple steps. There are not any prices relevant for UPI transactions.
(With PTI inputs)