Lok Sabha Question No. 2419 (UNSTARRED), answered on 2023-12-18
Subject: UPI Transactions Across the Country
Ministry: FINANCE
Asked by: Shrirang Appa Barne, Sudheer Gupta, Prataprao  Jadhav, Sanjay Sadashivrao Mandlik

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF FINANCIAL SERVICES LOK SABHA UNSTARRED QUESTION NO. 2419

ANSWERED ON MONDAY, DECEMBER 18, 2023/AGRAHAYANA 27,1945 (SAKA)

## UPI transactions across the country

| 2419. SHRI SHRIRANG APPA BARNE: SHRI SUDHEER GUPTA: SHRI PRATAPRAO JADHAV: SHRI SANJAY SADASHIVRAO MANDLIK:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |         |                                                                                      |
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| (a) whether UPI transactions are gradually becoming more widespread across the country and cash circulation is finally declining and if so, the details thereof; (b) whether the Government urged the people to make payment only through the digital mode recently and if so, the details thereof along with the response received in this regard till now; (c) the details of steps taken/being taken by the Government to stop people from making cash payments and to go digital instead; (d) whether the Government/Reserve Bank of India has given permission to linking of Rupay credit cards to UPI accounts to allow plastic cards to be used for smaller transactions; (e) if so, the details thereof and the manner in which it will be beneficial to consumers; and (f) the details of other measures taken/being taken by the Government/RBI to popularize the digital payment mode? |         |                                                                                      |
| Answer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |         |                                                                                      |
| THE MINISTER OF STATE IN THE MINISTRY OF FINANCE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |         |                                                                                      |
| (a) Unified Payments Interface (UPI) transactions have grown from 92 crore in FY 2017-18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |         |                                                                                      |
| (DR BHAGWAT KARAD)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |         |                                                                                      |
| 8,375 crore in FY 2022-23 at a Compound Annual Growth Rate (CAGR) of 147% in terms                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |         |                                                                                      |
| to of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |         |                                                                                      |
| to                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 2017-18 | volume. Similarly, the value of UPI transactions has grown from ₹ 1 lakh crore in FY |

₹ 139 lakh crore in FY 2022-23 at a CAGR of 168%. UPI has achieved 8,572 crore transactions during current financial year till 11 th Dec, 2023. UPI has been the major driving force in the overall growth  of  digital  payment  transactions  in  the  country  accounting  for  62%  of  digital  payment transactions in FY 2022-23. The Year-on-Year growth in the value of bank notes in circulation has decreased from 9.9% in FY 2021-22 to 7.8% in FY 2022-23.

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

In  order  to  encourage  customers  to  adopt  to  digital  banking,  RBI  has  also  been  conducting  (i) Electronic Banking Awareness and Training (e-BAAT) programmes across the country with thrust on awareness about Digital Payment Products, Frauds and Risk Mitigation and grievance redressal (ii) Digital Payments Awareness Week (iii) Mission 'Har Payment Digital' with the objective of making every person in India aware of digital payments. RBI has also launched '75 Digital Villages' programme in observance of 75 years of Independence and also conducts multimedia channel / platform based public awareness campaigns under the tag of 'RBI Says' or 'RBI Kehta Hai' to create awareness among members of public about various digital payment initiatives that cover customer's safety, security and convenience.

(d) & (e) Reserve Bank of India has given permission to linking of RuPay credit cards to UPI. The benefits to the consumers are: (i) Once the RuPay credit card is linked to UPI, there is no need to carry the physical plastic card for using it through UPI QR and (ii) enable the customers to spend using credit cards even at small merchant outlets with QR codes.

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