Digital Payment Revolution : Facts & Figures

Digital Payment Revolution : Facts & Figures

Digital Payments Progress

• Lucky Grahak Yojana and Digi Dhan Vyapar Yojana launched on 25.12.2016
• 100 Digi Dhan Melas held in 100 cities all over the country.
• 100 day long information, education and communication campaign led by NITI Aayog to make digital payments a mass movement in India. 
• At least 15,000 institutions have gone cashless across just these 100 rural and urban cities across each one of the 27 states and 7 UTs.
• With a turnout of over 15 lakh from cities, small towns and villages, the melas have enabled lakhs to open new bank accounts as well as create new Aadhaar cards.
• Rs.258 crore of prize money won by 16 lakh winners, including customers and merchants belonging to different corners of the country and from varied walks of life.
• The lucky winners of the Mega Draw felicitated by the Prime Minister in Nagpur.
• BHIM App and QR Codes launched
• BHIM App has already created a new world record by registering 1.9 crore downloads in just four months since its launch in December, 2016.
• India haso seen an unprecedented increase in number of transactions made using several user-friendly digital payment methods viz. UPI, USSD, AePS.
• Volume of all digital transactions increased by about 23 times with 63,80,000 digital transactions for a value of ₹ 2425 crore in March 2017 compared to 2,80,000 digital transactions worth ₹ 101 crore till November 2016.
• Aadhaar Enabled Payments have increased from 2.5 crore in November 2016 to over 5 crore in March 2017.
• Immediate Payment Service (IMPS) transactions have also increased from 3.6 crore to 6.7 crore during the same period.

BHIM-Aadhaar, the merchant interface of the BHIM App

• It will pave the way for making digital payments by using the Aadhaar platform.
• Any Indian citizen can pay digitally using their biometric data like their thumb imprint on a merchants’ biometric enabled device which could be smart phone having a biometric reader.
• Any citizen without access to smart phones, internet, debit or credit cards will be able to transact digitally through the BHIM Aadhaar platform.
• Already, 27 major banks are now on board with 7.15 lakh merchants so that they can start accepting payments using BHIM Aadhaar.

ONBOARDING

• Total Onboarding (including syndicate update): 7.15 lakhs ,Transactions: 12.62 lakh
• Aadhar:1.75 Lakh
• BHIM/UPI 4.79 lakh
• QR Code:1.68 lakh

BHIM – Cash back and Referral Bonus Schemes

• To ensure that the culture of digital payments permeates down to the grassroots.
• Under the Referral bonus scheme both the existing user who refers BHIM and the new user who adopts BHIM would get a cash bonus credited directly to their account.
• Under the Cashback scheme the merchants will get a cash back on every transaction using BHIM. Both schemes are to be administered by MEITY and implemented by NPCI.
• Outlay of ₹ 495 crore for a period of six months.

75 Townships declared Less Cash Townships

• In order to achieve the target of 2500 crore digital transactions during the current financial year, the Prime Minister announced about 75 townships spread all over India as ‘less-cash townships’.
• A less-cash township is one where the deployment of payment acceptance infrastructure is complete, all the families in the township are covered under training programs.
• Selected townships on the basis of third party assessment by Price Waterhouse Coopers (PWC)
• Townships with more than 80% of the total number of transactions being done through digital modes of payments during the review period are included in this list.
• These townships are likely to generate over 1.5 lakh digital transactions every day thereby leading to about 5.5 crore digital transactions in a year.