5,554 cr digital transactions logged in FY2020-21: Chandrasekhar

Digital payment transactions have witnessed a multifold increase in the last few years, growing to 5,554 crore in FY2020-21 from 1,004 crore in FY2016-17, Parliament was informed on Wednesday.

The number of digital transactions stood at 4,683 crore in the ongoing fiscal till mid-November, Minister of State for Electronics and IT Rajeev Chandrasekhar said in a written reply to the Lok Sabha.

''Digital Payments transactions have been steadily increasing since last few years. Over the past four years, digital payment transactions have grown multifold from 1,004 crore in FY2016-17 to 5,554 crore in FY2020-21. State/UT-wise transaction details are not maintained,'' he added.

The minister said number of digital transactions stood at 3,134 crore (FY19), 4,572 crore (FY20), 5,554 (FY21) crore and 4,683 crore (FY22 till mid November).

Citing a report by the Reserve Bank of India, Chandrasekhar said India has a strong regulatory system and robust large value and retail payment systems that have contributed to the rapid growth in the volume of transactions in these payment systems.

There has been a substantial growth in e-payments by Government and also in digital infrastructure in terms of mobile networks, the report said.

The report emphasises the need to undertake further efforts to bring down the volume of paper clearing and increase acceptance infrastructure to enhance digital payments in India, it added.

In response to a separate question, Chandrasekhar said the Ministry of Electronics and IT (MeitY) had rolled out Digital Village project on pilot basis in 700 villages (with atleast one Gram Panchayat or Village per district per State/UT) in October, 2018 for delivery of various citizen centric services viz education and health, skill and financial inclusion, and solar lights.

A total outlay of Rs 98.32 crore has been allocated for implementation of Digital Village Pilot project.

Responding to another query, the minister said MeitY has announced Swadeshi Microprocessor Challenge. Launched in August 2020, the initiative aims to strengthen the capacity and capability in India's semiconductor ecosystem by developing systems and solutions around two indigenous microprocessors, namely Shakti and Vega processors.

''Under the Challenge, 6,170 Teams (having about 10,000 participants) had registered as startups, students from education institutions and innovators from across the country. Hundred teams were provided with financial support as well as the FPGA Hardware Boards ported with Swadeshi Microprocessors for developing innovative Proof-of-Concept innovative solutions around Swadeshi Microprocessors,'' he said.

He added that besides this, mentorship support to top 10 winners of the Challenge has been included for incubating their startups at identified incubation centre across the country for translating their hardware prototypes developed using Swadeshi Microprocessors.

''The total allocation for the Swadeshi Microprocessor Challenge is Rs 5 crore,'' he said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)