Digital transactions witness 1000 pc rise since demonetisation: GovtLaw and IT Minister Ravi Shankar Prasad on Friday said that the digital transactions have surged in the range of 400-1,000 per cent since November 8 when government announced discontinuation of old Rs 500/1000 notes.
Law and IT Minister Ravi Shankar Prasad on Friday said that the digital transactions have surged in the range of 400-1,000 per cent since November 8 when government announced discontinuation of old Rs 500/1000 notes.
"Digital payments have increased in the range of 400 to 1,000 per cent since November 8. This figure does not include transactions done through Master and Visa cards," Prasad said while inauguration a new TV channel and a website to educate people about digital payments.
He further said that the transactions on e-wallets have increased from 17 lakh per day to 63 lakh per day and value of transactions has increased from Rs 52 crore to Rs 191 crore.
The minister said that volume of transactions using Rupay card has increased from 3.85 lakh per day to 16 lakh per day and value from Rs 39.17 crore to Rs 236 crore, UPI transactions volume up from 3721 per day to 48000 per day and value Rs 1.93 crore to Rs 15 crore.
"With digital transactions money will come into system, it will be accountable, generate tax and develop country's economy. When money will come in to bank then government will be able to come up with better welfare schemes," he said.
The government on November 8 announced spiking of Rs 500 and Rs 1,000 notes to curb "black money and corruption". The spiking of the high value notes has led to a cash crunch across the country.
(With PTI inputs)