Daily UPI transactions rise by 50%: RBI governor

Mumbai: Reserve Bank of India governor Shaktikanta Das on Monday said that payments through UPI (unified payment interface) have grown exponentially in the past 12 months with daily transactions crossing 36 crore, which is up by 50 percent from 24 crore in February 2022.

In terms of value, these transactions are worth Rs 6.27 lakh crore, registering a growth of 17 percent from Rs 5.36 lakh crore in February 2022, said the governor while launching the Digital Payments Awareness Week at the RBI headquarters. He also said that the overall monthly digital payment transactions crossed over Rs 1,000-crore-mark each month during the past three months.

'Our payment systems have witnessed over 1,000 cr transactions'

"Our payment systems are talked about globally and several countries have shown interest to replicate our success story. It is a matter of pride that our payment systems have witnessed over 1,000 crore transactions every month since December 2022. This speaks volumes of the robustness of our payment's ecosystem and acceptance by consumers. A recent pan-India digital payments survey covering 90,000 respondents revealed that 42 percent of respondents have used digital payments," Das said.

RBI has created over 48 cr card tokens: Das

On tokenisation exercise, Das said that the RBI has created over 48 crore card tokens that have been processed over 86 crore transactions, making it the world's biggest tokenisation exercise. Tokenised transactions have increased from 35 percent to 62 percent of the ecosystem.

The customer friendly recurring mandate framework has helped increase the number of e-mandates which were around 2-3 crore earlier or worth Rs 130 crore, to around Rs 15 crore or worth Rs 1,700 crore now.

Acceptance of digital payments infrastructure has increased from 17 crore touch points to 26 crore touch points, which is an increase of 53 percent.
The governor also launched 'Har payment digital' mission which seeks to reinforce RBI's commitment to deepen digital payments in the country.

'BBPS has ensured migration of bill payments from cash/cheques to digital mode'

While the UPI has facilitated digital payments to retail outlets, kiranas, street vendors etc, the Bharat Bill Payment System (BBPS) has ensured migration of bill payments from cash/cheques to digital mode and the national electronic toll collection (NETC) system has helped in migration of the toll payments to digital mode with enhancing efficiency in terms of reduced waiting time at toll plazas, the governor said.

The national automated clearing house (NACH) system has also facilitated the direct benefit transfers (DBT) payments digitally and eliminating leakages in the system.

Das further said that the RBI has decided to adopt 75 villages by involving village-level entrepreneurs as part of the 75 digital villages programme. Under this programme, PSOs will adopt 75 villages and convert them into digital payment enabled villages.

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