Lok Sabha Question No. 1897 (UNSTARRED), answered on 2023-03-13
Subject: Online Transactions
Ministry: FINANCE
Asked by: Balubhau (Alias Suresh Narayan) Dhanorkar

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF FINANCIAL SERVICES

## LOK SABHA UNSTARRED QUESTION NO. 1897

ANSWERED ON MONDAY, MARCH 13, 2023 / PHALGUNA 22, 1944 (SAKA)

## Online Transactions

1897. SHRI BALUBHAU ALIAS SURESH NARAYAN DHANORKAR: Will the Minister of FINANCE be pleased to state:

- (a) the details regarding the number of online transactions made in the country during the last eight years, year-wise;
- (b) the details regarding the amount of money circulated through online transactions in India in the previous eight years, year-wise;
- (c) whether it is a fact that the UPI platforms saw 7404 crore transactions for Rs. 125 lakh crores in 2022;
- (d) if so, the details thereof, month-wise and UPI platform-wise; and
- (e) the details regarding the steps taken by the Government to safeguard customers from UPI fraud?

## Answer

## THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (DR BHAGWAT KARAD)

- (a) & (b) The details of online financial transactions made through payment modes like Card, UPI, IMPS, RTGS, NEFT, volume and value wise, during the last eight years is as under-

| Financial Year       | Volume (in crore)   | Volume (in crore)   | Volume (in crore)   | Volume (in crore)   | Volume (in crore)   | Value (in lakh crore)   | Value (in lakh crore)   | Value (in lakh crore)   | Value (in lakh crore)   | Value (in lakh crore)   |
|----------------------|---------------------|---------------------|---------------------|---------------------|---------------------|-------------------------|-------------------------|-------------------------|-------------------------|-------------------------|
| Financial Year       | Card s              | UPI                 | IMPS                | RTGS                | NEFT                | Cards                   | UPI                     | IMPS                    | RTGS                    | NEFT                    |
| 2015 - 16            | 210.87              | -                   | 22.08               | 9.40                | 125.29              | 4.25                    | 0                       | 1.62                    | 700.89                  | 83.27                   |
| 2016 - 17            | 381.95              | 1.79                | 50.67               | 10.79               | 162.21              | 6.86                    | 0.06                    | 4.11                    | 1253.65                 | 120.03                  |
| 2017 - 18            | 518.12              | 91.52               | 100.98              | 12.45               | 194.64              | 9.50                    | 1.09                    | 8.92                    | 1467.43                 | 172.22                  |
| 2018 - 19            | 664.19              | 535.34              | 175.29              | 13.66               | 231.89              | 12.25                   | 8.77                    | 15.9                    | 1715.52                 | 227.94                  |
| 2019 - 20            | 836.86              | 1,251.86            | 257.90              | 15.07               | 248.20              | 15.68                   | 21.32                   | 23.37                   | 1549.06                 | 229.46                  |
| 2020 - 21            | 675.42              | 2,233.07            | 327.83              | 15.92               | 309.28              | 13.37                   | 41.03                   | 29.41                   | 1055.99                 | 251.30                  |
| 2021 - 22            | 745.52              | 4,595.61            | 466.25              | 20.78               | 404.07              | 17.61                   | 84.16                   | 41.71                   | 1286.57                 | 287.25                  |
| 2022 - 23 (till Jan) | 672.24              | 6,752.80            | 470.84              | 19.77               | 427.03              | 18.56                   | 112.74                  | 45.70                   | 1217.69                 | 271.93                  |

Source: RBI Payment Indicators Report

| Month     | Volume (in Crore)   |   Value (in Lakh Crore) |
|-----------|---------------------|-------------------------|
| January   | 461.72              |                    8.32 |
| February  | 452.75              |                    8.27 |
| March     | 540.57              |                    9.61 |
| April     | 558.31              |                    9.83 |
| May       | 595.52              |                   10.42 |
| June      | 586.28              |                   10.14 |
| July      | 628.84              |                   10.63 |
| August    | 657.96              |                   10.73 |
| September | 678.08              |                   11.16 |
| October   | 730.54              |                   12.12 |
| November  | 730.95              |                   11.91 |
| December  | 782.95              |                   12.82 |
| Total     | 7,404.47            |                  125.96 |

Source: NPCI

As regards the steps taken to safeguard customers from UPI fraud, National Payments Corporation of India (NPCI) has informed-

- UPI is a single click two factor authentication enabled using Device Fingerprint/Passcode as the first factor & UPI PIN as second factor of authentication.
- UPI has a concept of device binding wherein the mobile number of a user is bound with his  mobile  device  thereby  making  it  impossible  for  anyone  to  interject.  The  user additionally requires his debit card credentials and finally an OTP for UPI PIN creation and facilitating user to link his/her bank account to the UPI app.
- UPI apps provide an In-app intimation if a user is initiating payment to an unknown beneficiary. It also resolves the end beneficiary name (as per banking records) to the remitter while making payment thereby giving a clear indication to whom the money is being  transferred.  Additionally,  the  pin  page  of  UPI  also  prominently  displays  a message that by entering UPI pin, he/she is transferring money to someone else.
- To counter the issue of negligence, customer awareness is being carried out by multiple stakeholders in the payments ecosystem and government has also come up with the National  Cyber-crime  reporting  portal  wherein  a  user  can  register  his  grievance instantly by calling on 1930. This helps in holding payments at the beneficiary banks end if reported instantly.

Further, Ministry of Electronics and Information Technology (MeitY) has integrated Digital Payment Grievances alongwith Ministry of Consumer Affairs (MoCA) for utilizing the National Consumer Helpline (NCH) platform of Department of Consumer Affairs (DoCA). All the major banks and financial services institutions have been on-boarded on NCH Platform, which is live.

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