Information provided by demonetisation indicates 80% rise in the value of digital payment in 2017-2018 and the total amount expected to reach is Rs 1,800 crore. The worth of digital transaction was nearly the same as the whole of 2016-2017, at Rs. 1,000 crore. With demonetisation continuation in June, July and August, it registered average Rs 136 – 138 crore transaction, as per the ministry of Information Technology.
In the month of March & April, the magnitude of digital transaction was increased to Rs 156 crore due to the effects of demonetisation in terms of lack of cash begun to diminish. Thereafter, even though the value of digital transaction is rising, the monthly average of Rs 136 – 138 crore remained steady.
The average daily digital transaction over digital platforms such as UPI, BHIM, IMPS, M-Wallet, etc shows noteworthy increase, according to report, soon after the Narendra Modi announced demonetisation in November last year.
There has been progress in establishing the ‘Jan Dhan-Aadhaar-Mobile trinity’, with 118 crore mobiles, a similar number of Aadhaar numbers and 31 crore Jan Dhan accounts.
The report card for government receipts is also improving, with 100% online filing by 72 lakh registered entities under the goods and services tax. There has been a 23% increase in e-filing of income tax returns in 2016-17 as compared to 2015-16.
Since November 2016, there has been a 221% increase in volume of transactions and 118% increase in value of transactions in the non-tax receipt portal,” the government said.
In close proximation to Aadhaar architect Nandan Nilekani’s recent statement that the government had saved around $9 billion by eliminating frauds in benefit payments, the government said direct benefit transfer had resulted in savings of Rs 57,029 crore up to 2016-17.
There has been a big increase in e-toll payments from Rs 88 crore in January 2016 to Rs 275 crore in August 2017 but the number of tags remains low at 6 lakh till September 2017. There has been a strong growth in volume and value of BHIM-UPI transactions. The value rose from Rs 101 crore in November 2016 to Rs 7,057 crore in October 2017.