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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.
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] Digital Rupee is using blockchain distributed-ledger technology. [9]
There were 2.2 billion UPI transactions in October with Google, WhatsApp, Walmart and Amazon fueling India's digital payment space. But the usage of cash has witnessed an "abnormal rise."
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
A central bank digital currency would likely be implemented using a database run by the central bank, government, or approved private-sector entities. [13] [14] [15] The database would keep a record (with appropriate privacy and cryptographic protections) of the amount of money held by every entity, such as people and corporations.
In FY 2023, there were 84 billion UPI transactions, accounting to about Rs 139.09 trillion ($1.67 trillion). [32] Singapore, UAE, Nepal, Bhutan, France and Sri Lanka have also started adopting UPI after seeing its success in India. [33]