Digital payments rule the roost, log ‘significant’ growth

February 16 21:17 2017 Print This Article

Digital payments have seen a “significant” growth across platforms post demonetisation, with Unified Payments Interface transactions growing 4,453 per cent between November 8, 2016 — the day the cash ban was announced — and February 3, 2017. “Based on the data available, there has been a significant growth in various modes of digital payments,” Minister of State for Electronics and IT, P P Chaudhary said in a written reply in the Lok Sabha.

According to the data, the growth in number of transactions for UPI (BHIM app and USSD 2.0) was 4,453 per cent, and for USSD 1.0, it was 9,871 per cent.

Immediate Payment System (IMPS) registered a 66 per cent growth and RuPay showed 268 per cent rise in transactions while Aadhaar Enabled Payment Systems rose 792 per cent and and wallets 260 per cent.

As per the information by Indian Computer Emergency Response Team (CERT-In), as many as 1,122, 534 and 757 phishing incidents were handled during 2014, 2015 and 2016, respectively.

CERT-In has published 17 advisories for security safeguarding covering points of sale, micro ATMs, electronic wallets, online banking, smartphones, Unified Payment Interface (UPI), wireless access points and routers and mobile banking and cloud.

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