(Pooja Dubey, Intern journalist) Four years ago, the Indian government made a ban on promoting digital payments. However, the government was not able to reach the point of digital payment, despite the tough efforts it wanted to reach. But now due to corona infection, the use of digital payments has increased substantially. Most people are now resorting to digital payments ranging from electricity bills to grocery, considering the risk of this infection.
According to the data report of the National Payment Corporation of India, in June, people used the Unified Payments Interface i.e. UPI the most because of fear of Corona. Along with this, 1.2 trillion transactions were done through UPI.
In 2016, the Modi government made a sudden demonetization to promote digital payments. The aim of the government was to increase the use of online payments in the country. During that time, online payment usage had increased due to less cash. But after some time, the use of digital payment was reduced again as the transaction of note increased. However, now due to the corona transition, digital transmissions have rebounded.
At present, 10% of digital transactions are a part of the GDP. Also, the Government of India has set a target of reaching one billion digital transactions daily. Last year, the Reserve Bank of India said that we want to make 15% of digital transactions part of GDP by 2021.
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