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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.
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 ...
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 ...
RBI launched Digital Rupee for Wholesale (e₹-W) catering to financial institutions for interbank settlements and Digital Rupee for Retail (e₹-R) for consumer and business transactions. [8] The implementation of the Digital Rupee aims to remove the security printing cost borne by the general public, businesses, banks, and RBI on physical ...
Global bank messaging network SWIFT will trial live transactions of tokenised assets and digital currencies next year, it said on Thursday, the latest step in the currently slow-moving integration ...
RuPay surpassed Visa as the largest payment card network in India by number of transactions in June 2017, recording 375 million (37.5 Crores) transactions. [158] According to NPCI data released in May 2019, 112.7 Crore transactions (1.127 billion) valued at ₹1.174 Lakh Crores (US$17 billion) were made on RuPay cards during the 2018–19 ...
2016: The Government of India launches the BHIM UPI digital payment interface. In the year 2020 it has 2 billion digital payment transactions. [92] [93] 2017: Retail e-commerce sales across the world reaches $2.304 trillion, which was a 24.8 percent increase than previous year. [94]
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.