February 25, 2024

We are creating some awesome events for you. Kindly bear with us.

India Records 74 billion Digital Payments During FY 2021-22

The number of digital payments increased by 33% year-on-year during the financial year (FY) 2021-2022. Data from the Ministry of Electronics and Information and Technology (MeitY) has shown that approximately 74.22 billion digital payment transactions were recorded during this period, up from 55.5 billion transactions registered in FY 2020-21.

The National Payments Corporation of India’s (NPCI) unified payment interface (UPI) was the most used platform for digital transactions during the period, accounting for 4.52 billion transactions with a value of IN₹8.27 trillion (US$108 billion), until the end of February. NPCI is an umbrella organisation for operating retail payments and settlement systems owned under the country’s central bank, the Reserve Bank of India (RBI). UPI was developed under the Digital India initiative and is the government’s instant real-time payment system that facilitates inter-bank transactions.

According to NPCI, last month the number of UPI transactions was almost twice the volume from the previous year. In February 2021, 2.29 billion UPI transactions worth IN₹4.25 trillion (US$55.6 billion) were made. This means that UPI has increased by nearly half monthly in the last year. For the past three years, India has been a front-runner in the digital payments market. As per a report, with 25.5 billion payments, India was among the top countries regarding real-time payment transactions. China and South Korea followed with 15.7 billion 6 billion, respectively.

A news report explained that electronic payment transactions in the country have significantly grown, this was, to a large extent, due to the pandemic, when people had to observe social distancing protocols and order groceries and other items online. Following COVID-19 regulations, several merchants and stores stopped cash payments. To ensure all citizens could use digital payment methods, last December, RBI announced it would launch UPI-based digital payment solutions for feature phones, eliminating the need for an Internet connection. RBI also planned to launch an ‘on-device’ wallet in UPI applications, which would simplify the process for small-value transactions.

Before the project, only smartphone users were able to use UPI services for payments. India has around 1.2 billion mobile users, of which only 740 million have smartphones. The UPI service for feature phones, which lack the advanced functionalities of smartphones, is expected to benefit a large number of consumers.

As OpenGov Asia had reported, almost half of all transactions through UPI are below IN₹200 (US$2.65). Low-value transactions utilise significant system capacity and resources, leading to customer inconvenience because of transaction failures as a result of connectivity issues. The ‘on-device’ wallet will conserve banks’ system resources without any change in the transaction experience.

Further, to encourage the use of UPI by retail investors, RBI also proposed to enhance the transaction limit for payments through UPI for Retail Direct Scheme and Initial Public Offerings (IPO) applications from IN₹200,000 (US$2,645) to IN₹500,000 (US$6,613). An official had claimed that this was an important step in widening the primary market investor base. Until now, the facility was available mainly to retail investors, who are categorised as those who invest up to US$2,645 in an IPO. By increasing the limit, the market is now open to high-net-worth Individuals (HNIs).

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

Send this to a friend