A great milestone in the growth of digital payment in India was achieved on 20th of June 2018 when BHIM-UPI transactions hit a record high of 1 crore transactions in a day. Digital payment in India saw a massive push by the Government after demonetization in November 2016.
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Prime Minister Narendra Modi launched a unique digital payment platform called BHIM-UPI in December 2016. It is pertinent to note that a simple mobile based account to account digital payment platform like BHIM-UPI is a unique technology innovation of India and no other country in the world has developed something similar to BHIM-UPI. The popularity of BHIM UPI platform can be understood from the fact that internet giants like Google and Whatsapp have also developed their dedicated their digital payment products based on BHIM UPI exclusively for India. Google Tez or Whatsapp payment application are not available anywhere outside India.
Rising popularity of digital payment in India can be understood from the figures given below.
The Narendra Modi led NDA government has given an unprecedented push to digital transactions. In fact, we had reported how some user suggestions to make the BHIM UPI app better was also adopted by NPCI. The BHIM app had also gone international recently with its launch in Singapore. In a boost to Modi’s cashless economy clarion call, Visa had also reduced its transaction cost on Debit Cards by 95%.