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With UPI representing 62% of digital payment transactions in FY 2022–2023, it has been the primary driver of the overall development of digital payment transactions in India. [105] In January 2024, the value of UPI transactions reached ₹18.41 trillion, a slight increase of 1% from ₹18.23 trillion in December 2023. From 12.02 billion in ...
The Reserve Bank of India started a pilot for the e-rupee, devised as a digital alternative to physical cash, in December 2022, and successfully reached a target of 1 million retail transactions ...
The Digital Rupee (e₹) [6] or eINR or E-Rupee is a tokenised digital version of the Indian Rupee, issued by the Reserve Bank of India (RBI) as a central bank digital currency (CBDC). [7] The Digital Rupee was proposed in January 2017 and launched on 1 December 2022. [ 8 ]
As of 2023 there are 907.4 million internet users in India (64% of the population), a 35% increase since 2018. [3] 63% payments still being made in cash. E-payments have been heavily promoted in India showing consumers the various ways they can make these payments Including ATMs, the Internet, mobile phones and drop boxes.
The features include allowing digital rupee transactions when a customer is offline and linking the e-rupee to India's popular Unified Payments Interface (UPI), three
On 1 December 2023, Reserve Bank of India informed that 97.26% of Rs 2,000 notes have been returned to the banking system, however Rs 2,000 notes worth Rs 9,760 crore are still in circulation with public, at the close of business on 30 November 2023. [28] [29] RBI said that 2,000 bank notes continue to be legal tender. [30]
As of 2023, Namma Yatri has over 1.7 lakh drivers on board and 40 lakh riders who had reserved 20 million rides using the application. [156] On 18 December 2023, the Hyderabad Auto & Taxi Drivers Association announced the release of a new ride-hailing app supported by ONDC protocols.
In January 2021, the Central Bank of the Republic of Turkey (CBRT) announced a planned digital currency trial in the second half of 2021. [36] The CBRT successfully tested the first payment transaction using the digital lira in January 2023, and planned to run further phases of pilot studies to widen participation in 2023. [64]