Digital payments in India have received a ‘big boost’ since the demonetisation of 2016.Image Credit source: File Photo
When the country faced demonetisation in the year 2016, the long queues outside the ATM machines caught everyone’s attention. At the same time, the country got the ‘boon’ of digital payment like UPI in the form of BHIM App, and today after 8 years this UPI has brought the ATM itself to the stage of ‘finishing’.
Digital payments in India have received a ‘big boost’ since the demonetisation of 2016. Regarding this, in a report of State Bank of India (SBI), it has been said that the number of people going to ATM has fallen rapidly in the last 8 years. At the same time, there has been a flood of transactions done through UPI payment.
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50% less people went to ATM
SBI’s economic research report ‘SBI Ecowrap’ In April 2016, it has been said in the latest edition that on an average an Indian used to visit ATM 16 times in a year. While in April 2023, this figure has remained just 8 times. In the meantime, the payments made through UPI within the country have increased very fast, knowing the figures of which your eyes will be wide open.
There was a flood of UPI transactions.
Between the financial years 2016-17 to 2022-23, UPI transactions became a ‘flood’ in the country. At that time, the number of transactions through UPI was just 1.8 crores, it has increased to 8,375 as of today. Now 73 percent of the total digital transactions in the country are done through UPI only.
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Not only this, only Rs 6,947 crore was transacted through UPI then. Today its figure has crossed Rs 139 lakh crore. This is an increase of 2004 times in the transactions done through UPI.
Let us tell you, it has also been revealed in the research of SBI that if there is an increase of 1 rupee in UPI transaction, then it directly falls on the debit card payment and there is a decrease of 18 paise in it.