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Tuesday, January 25, 2022

Increase in digital transactions in the country, 76% growth recorded in last 12 months

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According to the report of the Financial Solution Company, there has been an increase in online transactions in the country. People are using UPI debit card, credit card and netbanking the most.

Digital payment

Since the Corona epidemic, most people prefer to do online transactions better. It has also received a boost from the Digital India Mission of the Government of India. This is the reason why digital transactions have registered a growth of about 76 percent in the first quarter of 2021 compared to last year.

The good thing is that even in small cities and towns, digital transactions contributed more than 50 percent. According to a report, payment options such as Buy Now Pay Letter (BNPL) saw a jump of 569 percent in the last 12 months. People used it more due to the convenience of avoiding bulk payments and digital payments being economical.

According to the report, in the year 2020, the travel industry grew by 50 percent after a huge decline in the economy due to the epidemic, while real estate grew by 69 percent in the first three months of this year. After the opening of tourism, Jammu and Kashmir also made its place in the top 10 ally digitally inclusive states / union territories for the first time.

According to data from full-stack financial solutions company RazerPay, Jammu and Kashmir also won online transactions between January and March. He ranked above Uttar Pradesh, Madhya Pradesh and Haryana etc. with a 36 percent increase. UPI debit cards, credit cards and netbanking were found to be the most preferred payment options.

The adoption of digital payment process increased cities by more than 50 percent. In addition, providing new payment methods to small business has expanded customers. Consumers are increasingly ordering online in the last few months. The F&B industry has seen a 69 percent growth from January to March.

Also read: Big news for those doing online transaction! RTGS will not work for 14 hours on Sunday

The date of linking PAN with Aadhaar will not increase anymore, immediately settle this work or else you will have to pay a fine.

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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