Digital Payment Transactions Volume increases at CAGR of 45%: Finance Ministry

The Finance Ministry noted that the digital payment transactions volume has increased at CAGR of 45%. Digital payments have significantly increased in recent years, as a result of coordinated efforts of the Government with all stakeholders. This was stated by Union Minister of State for Finance Dr. Bhagwat Kisanrao Karad in a written reply to a question in Lok Sabha today. The Minister stated that the total digital payment transactions volume increased from 2,071 crore in FY 2017- 18 to 13,462 crore in FY 2022-23 at a CAGR of 45% and crossed 10,998 crore during current financial year till 27.11.2023.

The initiatives undertaken by the Government to promote digital transactions include, inter alia; incentive scheme for promotion of RuPay Debit cards and low-value BHIM-UPI transactions (P2M) advisories by Government of India to various stakeholders to improve payment acceptance infrastructure allocation and monitoring year-wise digital payment transaction & Merchant acquisition targets to the Public and Private Sector Banks iii. Pradhan Mantri Gramin Digital Saksharta Abhiyaan (PMGDISHA) to augment digital literacy in rural India, and iv. other promotion activities conducted with digital payment stakeholders and Law Enforcement Agencies (LEAs).

In order to strengthen the mechanism to deal with cybercrimes in a comprehensive and coordinated manner, the Minister stated that the Central Government has taken steps for spreading awareness about cybercrime; issuance of alerts /advisories; capacity building/trainings of LEAs/Prosecutors/Judicial Officers; improving cyber forensic facilities etc.

The Government has established the Indian Cyber Crime Coordination Centre (I4C) to provide a framework and ecosystem for LEAs to deal with cybercrimes in a comprehensive and coordinated manner. The Government has also launched the National Cyber Reporting Portal (https://cybercrime.gov.in) to enable the public to report all types of cybercrimes, with special focus on cybercrimes against women and children.

Further, the Minister stated that the Indian Computer Emergency Response Team (CERT-In) is also working in close coordination with service providers, regulators and LEAs to track and disable phishing websites and facilitate investigation of fraudulent activities; issues alerts and advisories; and operates an automated cyber threat exchange platform for proactively collecting, analysing and sharing tailored alerts.

Further, RBI had issued instructions to banks regarding limiting the customer liabilities in unauthorized/ fraudulent electronic transactions, vide circulars dated July 6, 2017 and December 14, 2017 for Commercial banks and Cooperative banks respectively, wherein, the criteria for determining the limited liability of the customer in various types of digital transactions are outlined, the Minister stated.

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