India made 7,422 cr digital payments in FY22 at 33% growth rate: MeitY

During the FY 2021-22, India’s volume of digital pincreased by 33% year on year (YoY). According to the Ministry of Electronics and Information Technology (MeitY), there were 7,422 crore digital payment transactions in FY2021-22, up from 5,554 crores in FY2020-21. The unified payment interface (UPI) of the National Payments Corporation of India (NPCI) was the most popular platform for digital transactions during the time, accounting for 452.75 crore transactions worth Rs. 8.27 lakh crore (US$ 108.24 billion) through the end of February. This indicates that, in the last year, the use of UPI every month has nearly doubled.

Since 2019, India has been the largest market for digital payments. India was the largest market for real-time payments transactions in March 2021, according to an ACI Worldwide research, with 2550 crore payments, followed by China (1570 crore) and South Korea (600 crorayments es). The United States came in ninth with 120 crore transactions. The Reserve Bank of India (RBI) has enacted many measures in recent months to improve the security of online transactions. It added a factor of authentication (AFA) to all recurring credit or debit card payments in September. A mandate on card-on-file-tokenisation followed, requiring all payment companies to replace card data with an alternative code known as a token.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.