10.02.22 Daily [Andhra Pradesh] APPSC Current Affairs

Andhra Pradeshoccupies the second place in the country in terms of per capita digital payment transactions. As per the official data available till January 31, per capita transactions in Andhra Pradesh stands at 17.6, trailing only Chandigarh (38.4). The all India Average is some 3.85. In fact, Andhra Pradesh has been leading the states in the digital payment arena for the last several years in a row.

The digital payment landscape in India has undergone a transformation in the last several years, particularly after demonetisation. From 3,134 crore transactions in 2018-19, the volume of digital payment transactions has more than doubled to 6,754 crore this fiscal (as of February 6).

A cursory look into the volumes of new-age digital payment modes reveals that these have registered a substantial Growth. These modes include Bharat interface for -unified payments interface (BHIM-UPI), immediate payment service (IMPS), prepaid payment instruments, etc.

At the same time, existing payment modes such as debit cards, credit cards, national electronic funds transfer(NEFT), and real-time gross settlement (RTGS) have also grown at a fast pace.

According to data of theUnion ministry of electronics and information technology, BHIM-UPI has emerged as the preferred payment mode. It has achieved a record 461.71 crore digital payment transactions with a value of 8.31 lakh crore in January 2022. It has more than doubled in just a year from 229 crore transactions in February 2021 to 461 crore in January 2022.