Digital Payment Revolution : Facts & Figures

Digital Payments Progress

·         Lucky GrahakYojana and DigiDhanVyaparYojana 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  Rs. 2425 crore in March 2017 compared to 2,80,000 digital transactions worth Rs.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 Rs. 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.