Digital transactions have shot up by 77 times since demonetization
PM Modi's demonetization drive may not have been as effective in tackling black money as it intended to, but it has served as a definitive catalyst in pushing India towards being a cashless economy. According to the latest data of the National Payment Corporation of India (NPCI), the digital transactions through its Unified Payments Interface (UPI) have shot up by 77 times since demonetization.
UPI registered payments worth Rs. 70.57 billion in October 2017
In October 2016 before note-ban was announced, UPI recorded 0.1 million transactions. Now its number of payments stand at 76.96 million. The number of transactions rose from 30.98 million to 76.96 million in October 2017 alone. The payments in just this one month were valued at Rs. 70.57 billion. The number of banks supporting UPI have also increased from 21 to 57 in one year.
Infosys chairman applauds the growth of plastic money on Twitter
Infosys chairman Nandan Nilekani expressed happiness on the achievement of this massive feat by tweeting the exponential rise of UPI transactions in the one year since demonetization. "UPI transactions: Oct 2016 - 0.1 million, Oct 2017 - 76.96 million. What a story!," he tweeted. PM Modi had, in December, launched BHIM (Bharat Interface for Money) app to facilitate quick payments using UPI.
